Steve Whittaker Suspended, Involved In FFEC Investor Dispute

Broker Steve Whittaker Suspended By FINRA Over Alleged Outside Business Activities, Involved In FFEC Client Dispute

Evidently, the Financial Industry Regulatory Authority (FINRA) issued a 3-month suspension and $5,000 fine to securities broker Stephen Leroy Whittaker (“Steve Leroy Whittaker”) (CRD#: 831764, Surprise, Arizona). Namely, Whittaker allegedly engaged in an outside business activity without telling First Financial Equity Corporation, the Surprise-based securities firm he worked for from 2012 to 2019. Moreover, two investors filed disputes seeking compensation because Whittaker allegedly engaged in sales practice violations.

Regulatory Action Concerns Outside Business Activities Steve Whittaker Failed To Disclose

Evidently, in October 2020, FINRA issued Steve Whittaker a fine and suspension. This is because he supposedly violated FINRA Rules on outside business activities. Supposedly, Whittaker accepted compensation for his 2018-2019 services, and three of the people who compensated him had accounts with First Financial Equity Corporation. It seems that FFEC did not allow brokers to engage in outside business activities unless the firm received notice first. In his compliance attestation, Whittaker supposedly failed to explain that he was involved with this activity. It appears that FFEC discharged Whittaker as a securities broker for these reasons.

FFEC Client Alleges Unauthorized Trading By Whittaker

Evidently, a client of FFEC took aim at Steve Whittaker’s sales practices. Notably, in this April 2019 dispute, the client first alleges that Whittaker made unauthorized trades. Secondly, Whittaker supposedly made an unsuitable real estate security sale. Generally, suitability concerns risk tolerance, investment objectives, and other factors concerning appropriateness of investments. It seems that First Financial Equity Corporation paid the client $40,110 to settle this matter in June 2019.

Morgan Stanley Client Alleges Steve Whittaker Failed To Disclose Information

In the first dispute reported on Whittaker’s BrokerCheck record, a client of Morgan Stanley alleges omissions. The complaint concerns Steve Whittaker's failure to inform the client about the tax consequences of liquidating an annuity and not reinvesting proceeds within two months. However, Morgan Stanley denied this client's dispute.

Losses By Investing Through Whittaker?

Securities broker Steve Whittaker denies allegations of sales practice violations. Have you experienced investment losses by interacting with this broker? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning 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 compensation for many US clients who have experienced losses from their securities brokers and financial advisors.