Soreide Law Group provides you this investor alert in regard to securities broker Steven Colacurcio (CRD#: 1717483, Boca Raton, Florida). Notably, FINRA reports that the securities broker, who joined Dawson James Securities in 2009, faced a suspension for making bad trades. Not only that, but Colacurcio has racked up quite a few complaints from investors over the years which raises questions about his sales practices. Let’s take a closer look.
FINRA Issues Suspension, Fine To Steve Colacurcio Over Discretionary Trading Violations
Apparently, financial industry watchdog FINRA took action against Steve Colacurcio in 2016 for violating the rules on discretionary trading. In particular, NASD Rule 2510(b) prohibits discretionary trading without written authorization. Namely, the client must submit written authorization and the securities firm must authorize the discretionary trading. Specifically, discretionary trading is where a securities broker makes trades without consulting with the client first. Notably, brokers without discretionary trading power have to get advanced permission for each trade. This permission must be provided to the broker on the day in which the trade is placed.
It appears that on nearly a dozen occasions, Steve Colacurcio made trades using discretion when this was prohibited because the client did not approve of his actions. For this reason, FINRA fined him $5,000.
Prior Client Disputes Paint A Bad Picture Of Colacurcio
It appears that six investors disputed the sales practices of Steve Colacurcio over the years. Notably, two Florida clients indicated that Colacurcio forged their signature on account documents. Another client who received financial compensation had alleged that the broker misled her about risks. It seems that this client might have lost money because of Colacurcio. Also, a client indicated that Colacurcio misrepresented investments. Supposedly, Colacurcio represented an annuity as a safe investment.
Notably, an investor suggested in a complaint that Steve Colacurcio was in breach of contact and in breach of his fiduciary responsibility. Finally, the client suggested that the broker was negligent and that he violated Massachusetts laws. And in the most recent complaint, a client contended that Colacurcio sold unsuitable investments.
FINRA BrokerCheck indicates that Steve Colacurcio denies all allegations of misconduct.
Did Steve Colacurcio Sell You Unsuitable Investments?
Experienced losses due to Steve Colacurcio? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have suffered losses due to misconduct of brokerage firms and individuals like Colacurcio.