Stephen Spence Discharged By U.S. Bancorp Advisors Over Unauthorized Transactions

Stephen Robert Spence, also known as Steve Spence (CRD: 2409165), a former securities broker in Appleton, Wisconsin, has been accused of violating firm policies, according to a Financial Industry Regulatory Authority (FINRA) BrokerCheck disclosure. Spence worked for U.S. Bancorp Investments Inc. from August 14, 2008, to February 13, 2026, and for U.S. Bancorp Advisors LLC from February 13, 2026, to June 10, 2026. Here is a closer look at the allegations and what unauthorized trading involves.

U.S. Bancorp Advisors Discharged Stephen Spence Over Alleged Unauthorized Transactions

U.S. Bancorp Advisors LLC discharged Spence on May 12, 2026. In a matter involving a structured note or structured product, the firm alleged that he violated its policies by making unauthorized transactions, falsifying records, failing to disclose an outside business activity, and failing to follow its electronic communications policy.

What Unauthorized Trading Generally Means

Unauthorized trading generally means a securities broker or financial advisor places a trade in an investor’s account without the authorization required for that transaction. The authorization required depends in part on the type of account. In a nondiscretionary account, the investor typically decides whether to approve each trade before it is made. In a discretionary account, a broker may have written authority to make certain trading decisions without advance approval for every transaction, subject to the account agreement, firm procedures, and applicable rules. Unauthorized trading allegations can concern whether proper consent existed, whether the trade exceeded granted authority, or whether records accurately reflected the investor’s instructions.

Questions About Investment Losses Involving Stephen Spence?

If you believe you lost money because of Stephen Spence, you can contact Soreide Law Group online or at (888) 760-6552 to speak with a securities attorney about your options for recovering investment losses. Soreide Law Group has recovered losses for investors throughout the United States, works on a contingency fee basis, and advances all costs. Spence and the brokerage firms he worked for deny accusations of sales practice violations.