Former Next Financial Group Financial Advisor, Steven Zerbarini, Santioned By FINRA For Allegedly Exercising Discretion In Customer Accounts Without Prior Written Approval
Steven Zerbarini is a former Financial Advisor at Next Financial Group, Inc. in Safety Harbor, FL. Steven Zerbarini has been in the securities industry since 1997 and previously worked at IDS Life Insurance Company and Ameriprise Financial Services, Inc. Steven Zerbarini is not currently associated with any FINRA member firm.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on April 22, 2019, Steven Zerbarini was suspended by FINRA from associating with any FINRA member firm in any capacity for one month and fined $5,000. According to the FINRA sanction:
“Without admitting or denying the findings, Zerbarini consented to the sactions and to the entry of finds that he exercised discretionary power in effecting purchases of securities in non-discretionary customer accounts, without prior written authorization from the customers, and without prior written acceptance of the accounts as discretionary by his member firm.”
For a copy of the FINRA sanction, click https://brokercheck.finra.org/individual/summary/2845669#disclosuresSection.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
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