Financial Industry Regulatory Authority (FINRA) BrokerCheck reveals disclosures about securities broker Stephen James Sperling (CRD: 3061073, Palatine, Illinois). Sperling worked for Wintrust Investments LLC from 2007 to 2024 and previously held positions at LaSalle Financial Services, Harris InvestorLine, and Harris Investors Direct.
Recent disclosures highlight concerns regarding Sperling’s conduct, including client disputes related to unsuitable investment recommendations and failure to disclose key risks.
On September 10, 2024, a client of Wintrust Investments LLC filed a complaint alleging that Sperling sold a five-year fixed annuity that did not meet her liquidity needs and overconcentrated her assets in annuities. The firm settled the dispute for $22,739.76.
On October 19, 2023, clients filed a FINRA arbitration (No. 23-02776) against Wintrust Investments LLC, alleging that Sperling’s investment recommendations were unsuitable and that the firm failed to conduct proper due diligence on the Northstar Healthcare Income REIT. The case settled for $250,000.
On May 8, 2023, another client alleged that Sperling recommended non-tradable investments inconsistent with the client’s risk tolerance, describing them as safe and conservative. The case settled for $12,500.
On October 23, 2024, Wintrust Investments LLC permitted Sperling to resign following an internal investigation. The firm received a verbal client complaint alleging that Sperling sold a fixed annuity, which concentrated the client’s holdings in annuities to approximately 90% of their liquid assets. The investigation determined that forms signed by the client and submitted for review falsely indicated that the client had no other annuities.
Specifically, a complaint filed on July 6, 2023, alleged that Sperling made unsuitable recommendations involving non-traded REITs. On January 9, 2024, another client filed a FINRA arbitration (No. 23-03644) against Wintrust Investments, alleging that Sperling misrepresented an illiquid REIT as a guaranteed income investment. The case closed with no action.
If so, reach out to Soreide Law Group online or at (888) 760-6552 to consult with a securities lawyer. The team at Soreide Law Group works on a contingency basis, advances all costs, and assists investors across the country with recovering losses from sales practice misconduct. Sperling and the firms he worked for deny accusations of sales practice violations.
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