Broker Steven Maher Sanctioned, Involved In Investor Dispute

Financial Industry Regulatory Authority (FINRA) discloses through BrokerCheck that it sanctioned securities broker Steven Maher (CRD#: 1011535, Oradell, New Jersey) and that an investor disputed Maher’s sales practices. Evidently, Maher worked for securities firms American General Securities Incorporated, Sagepoint Financial, and Next Financial Group. He joined American Portfolio Financial Services in September 2017. It appears that these incidents concern Maher’s actions when working as a securities broker for Next Financial Group. Let’s take a closer look at the disclosures.

FINRA Issues 2-Month Suspension, $10,000 Fine To Steven Maher

Evidently, the regulator issued sanctions to Steven Maher in March 2020 to resolve allegations that he obtained a client’s signature on a variable annuity disclosure form (known as a VADF) and had used a photocopy of the client’s signature when completing more VADFs, violating FINRA Rule 2010. Because of these allegations, he served the suspension from April-June 2020 and paid the fine.

Maher’s Next Financial Group Client Alleges Misrepresentation, Breach Of Fiduciary Duty

Notably, a client of Next Financial Group brought a dispute about Steven Maher’s sales practices. First of all, the lawsuit (filed in NJ) alleges breach of contract, promissory estoppel, and breach of the covenant of good faith and fair dealing. Supposedly, Next Financial Group’s actions showed a breach of fiduciary duty. The client also alleges misrepresentation and negligence in connection with a fixed annuity purchase through Maher. It appears that Next Financial Group agreed to settle this matter by paying the client $30,000. Maher denies the client’s allegations against him.

Next Financial Group Disaffiliates With Steven Maher

Also, before FINRA issued sanctions and before the client brought the dispute, Next Financial Group discharged Steven Maher. Evidently, on August 4, 2017, the securities firm terminated Maher as securities broker over his alleged violation of policy in connection with the use of client signatures and documents. It appears that those allegations relate to the FINRA disciplinary action against him.

Losses By Investing With Maher?

Note that securities broker Steven Maher denies misconduct allegations against him. 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 substantial compensation for US clients who have experienced losses from their securities brokers and financial advisors.