Broker Steven Schisler Facing Accusations From FINRA Regarding Unsuitable Transactions
The Financial Industry Regulatory Authority (“FINRA”) reports some concerning information in regard to securities broker Steven Douglas Schisler (CRD#: 2367961, Grass Valley, California). Namely, FINRA lodged a complaint against the broker alleging that he made nine distinct violations of FINRA and NASD rules. Allegations include unsuitable recommendations, false statements to the regulator, among other things. In addition, some clients filed complaints about him. Here’s more on what these disputes allege.
FINRA Complaint Against Steven Schisler Alleges Unsuitable Recommendations
First of all, FINRA—who regulates most brokers across the United States—filed a complaint against Steven Schisler. The complaint alleges that Schisler made unsuitable recommendations to clients. Specifically, the broker purportedly recommended a promissory note to investors without first doing due diligence. It appears that this was a private securities transaction, which the broker was supposed to report to his firm but didn’t. It seems that he had the clients meet with the issuer to arrange the purchase, resulting in his $9,500 finder’s fee. Notably, FINRA alleges that when Schisler was investigated, he failed to come clean about the arrangement that the clients had, and his role in the transaction.
In addition, FINRA says that Steven Schisler had an elderly client loan him money after he signed a promissory note secured on mortgaged property. The property was foreclosed upon, the regulator says. Moreover, the broker supposedly did not tell the client about the default. And the client supposedly did not receive repayment based on the original promissory note terms.
This complaint is ongoing.
Client Of IFS Securities Alleges Breach Of Fiduciary Duty, Conversion In Dispute About Schisler
Notably, a client of IFS Securities disputed Steven Schisler’s sales practices. First of all, the civil dispute alleges that Schisler failed to return the client’s trust assets. Secondly, the broker supposedly converted the client’s funds. Thirdly, he purportedly breached a fiduciary duty. Allegedly, this all has to do with a real estate transaction that went wrong. This matter is still ongoing. It appears that Schisler’s relationship with IFS Securities spanned from June 2012 to September 2019.
In a prior dispute, a client alleges that Steven Schisler misrepresented variable life policies. The broker supposedly failed to accurately convey information about policy features and policy loans. However, the firm denied this dispute.
Did You Experience Losses By Investing Through Steven Schisler?
Have you experienced losses because of broker Steven Schisler? If so, contact Soreide Law Group at (888) 760-6552 and speak with our securities attorney about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have fallen victim to financial advisor and securities broker misconduct. FINRA BrokerCheck indicates that Schisler denies all allegations of his sales practice violations.