CUNA Brokerage Services Clients File Disputes About Broker Steve Sylvester Concerning Suitability
Soreide Law Group brings you up to speed concerning the disclosures on Financial Industry Regulatory Authority (FINRA) BrokerCheck as it relates to securities broker Stephen Sylvester (“Steve Sylvester”) (CRD#: 1950435, Groton, Connecticut). Namely, four investors challenged his sales practices at CUNA Brokerage Services. Evidently, Sylvester worked at CUNA as both a financial advisor (2001 to present) and a securities broker (1992 to present). For more information on these disputes, read below.
Steve Sylvester’s Client At CUNA Brokerage Services Expresses Concerns About Suitability Of Fixed Annuity
Evidently, a client of CUNA Brokerage Services Inc. bought a fixed annuity through Steve Sylvester. In a January 2021 dispute, the client claimed that Sylvester did not consider their liquidity concerns. Not only that but Sylvester is accused in this dispute of failing to present a balanced perspective of the asset classes. Finally, the client contends that Sylvester did not go through a proper risk assessment, and he did not consider concerns that they had about social security. For this reason, the client asked for $36,000 in damages in this ongoing matter.
Sylvester Facing Dispute From Client About Managed Account
Specifically, the second dispute on Steve Sylvester’s record concerns his managed account recommendations. In the 2019 complaint, the client claimed that Sylvester advised them to invest in a way that did not align with their risk tolerance. Supposedly, the managed account produced investment losses. However, CUNA Brokerage Services disagreed with the client and denied their complaint.
Client Of CUNA Claims That Variable Annuity Was Unsuitable And Not Represented Properly By Steve Sylvester
In an April 2016 dispute, a client of CUNA Brokerage Services expressed concerns about Steve Sylvester’s variable annuity recommendations. Mainly, the client argued that the annuity was unsuitable for them. In addition, Sylvester is accused of not telling the client about the surrender charges that would apply if the client chose to invest. Purportedly, the client expressed an interest in a low-risk investment – one that would be safe for ten years. Allegedly, this variable annuity did not match the client’s goals. The client asked for $40,000 in compensation, but the securities firm denied the complaint.
Client’s Requests Allegedly Ignored By Sylvester
It appears that in the first dispute reported on BrokerCheck about Steve Sylvester, the client took issue with Sylvester’s failure to act on their requests or concerns. Supposedly, the client asked to change their portfolio, and the securities broker dismissed those concerns. Evidently, this dispute is listed on BrokerCheck as denied by CUNA Brokerage Services.
Did You Face Financial Harm Because Of Steve Sylvester?
Did securities broker Steve Sylvester cause you to suffer losses? If so, call Soreide Law Group at (888) 760-6552 and speak with a skilled securities lawyer regarding a possible recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has helped many United States investors recover compensation when they have incurred losses by their financial advisors and securities brokers. Please note that Sylvester denies all allegations of his sales practice violations.