Steve Moise Faces Regulatory Actions for Excessive Trading

Financial Industry Regulatory Authority (FINRA) BrokerCheck reveals disclosures about securities broker Steve Allen Moise (also known as Steve Allen, Steve Alan Moise) [CRD: 4995443, Mineola, New York]. Moise previously worked for multiple brokerage firms, including Joseph Stone Capital L.L.C. from 2016 to 2022.

Recent disclosures reveal regulatory actions and client disputes concerning Moise’s alleged excessive trading and failure to act in the best interests of clients.

Regulatory Action by FINRA For Excessive Trading

On June 24, 2024, FINRA sanctioned Moise for willfully violating the Care Obligation of Rule 15l-1 of the Securities Exchange Act of 1934 (Regulation Best Interest or Reg BI). According to FINRA, between February 2021 and August 2021, while associated with Joseph Stone Capital, Moise recommended an excessive number of trades in a retail client’s account.

Moise allegedly advised the client, a 58-year-old general contractor, to execute 199 trades over seven months. On several occasions, he recommended selling a security shortly after purchasing it, which resulted in realized losses for the client while generating commissions for Moise. The excessive trading caused a turnover rate of 16 and a cost-to-equity ratio exceeding 47%, meaning the account needed to grow by over 47% just to break even. The client suffered realized losses and paid over $52,000 in commissions and trade costs.

As a result, Moise consented to a $5,000 fine and five-month suspension from associating with any FINRA member in all capacities (July 1, 2024 – November 30, 2024).

Steve Moise’s Failure to Respond to FINRA Requests

Previously, on January 31, 2023, FINRA suspended Moise for failing to respond to regulatory requests for information. According to FINRA Rule 9552, he was suspended on February 24, 2023, with the risk of being barred if he failed to respond within three months. The suspension ended on May 11, 2023.

Client Disputes and Settlements For Alleged Unauthorized, Unsuitable Trading

• January 6, 2022: A client alleged excessive and unsuitable trading, as well as a breach of fiduciary duty, requesting $228,000 in damages. The dispute settled for $35,000.
• January 5, 2012: A client accused Moise of unauthorized trading, claiming that a stock was sold to cover a loss from an unauthorized trade. The requested damages were $5,077. Moise denied the allegations, and no action was taken.
• November 15, 2007: A client dispute alleging unauthorized trading was denied.

Steve Moise’s Employment History and Expelled Firms

Moise worked with multiple brokerage firms, including some expelled by FINRA. Notably, he worked at Salomon Whitney LLC (2013-2014) and Global Arena Capital Corp (2011-2012). FINRA expelled both of those firms. His last employer, Joseph Stone Capital, amended his Form U5 in 2023, disclosing an arbitration claim related to excessive and unsuitable trading.

Looking for More Information About Moise?

If you have concerns about your investments with Steve Moise, contact Soreide Law Group online or at (888) 760-6552 to consult with a securities attorney. Soreide Law Group works on a contingency basis, advances all costs, and helps investors across the country with recovering losses from sales practice misconduct. Moise and the firms he worked for deny accusations of sales practice violations.