- July 16, 2018
- Broker Discipline
- First American Securities
- Promissory Notes
The Wolper Law Firm is currently investigating claims against Steven Coffey, a former Financial Advisor at First American Securities in Orrville, Ohio. Steven Coffey first entered the securities industry in 2001 and previously worked for MML Investors Services and Nationwide Securities.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on July 16, 2018, FINRA sanctioned Steven Coffey for failing or refusing to produce documents requested by FINRA in connection with an investigation. FINRA was investigating Coffey for selling “promissory notes” to customers while he was registered with First American Securities. Instead of producing the requested documents, Steven Coffey agreed to sanctions.
Promissory notes are speculative, illiquid securities that are only suitable for aggressive investors with a long term investment horizon. Promissory notes do not trade on an exchange and, in most instances, do not have a secondary market that offers liquidity to purchasers.
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.
If you or someone you know was a customer of Steven Coffey, or have been sold unsuitable promissory notes, and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at firstname.lastname@example.org to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyers who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. Simply put, he knows how the other side evaluates cases, which gives you a competitive advantage.