- June 14, 2022
- PFS Investments
Steven Hirata (CRD#: 1188927) is a previously registered Broker.
He entered the securities industry in 1984 and previously worked for PFS Investments, Inc.
Current And Past Allegations Of Conduct Leading To Investment Loss
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in May 2022, FINRA sanctioned Steven Hirata, barring him permanently from all capacities beginning May 31, 2022. The FINRA sanction states, “Without admitting or denying the findings, Hirata consented to the sanction and to the entry of findings that he failed to provide information and documents requested by FINRA in connection with an investigation into whether he participated in an undisclosed private securities transaction.”
For a copy of the FINRA sanction, click here.
In addition, Steven Hirata has been the subject of one additional disclosure, including the following:
- September 2021 — “REPRESENTATIVE ADMITTED TO PARTICIPATING IN A PRIVATE SECURITIES TRANSACTION WITHOUT NOTIFYING THE FIRM.” Steven Hirata was discharged by PFS Investments, Inc.
For a copy of Steven Hirata’s FINRA BrokerCheck, click here.
We Help Investors Recover Investment Losses
Pursuant to FINRA Rule 3270, outside business activities in which Financial Advisors become involved must be disclosed. This is in order to ensure that Financial Advisors do not engage in selling away. The Financial Industry Regulatory Authority (FINRA) strictly prohibits financial advisors from “selling away” or selling securities and investments to clients that are not offered by the brokerage firm with which they are employed. For example, it is illegal and a violation of industry rules for a financial advisor to recommend or even suggest that a client invest in the financial advisor’s own business or a business operated by his or her friends or family. It is not necessary that the financial advisor earn any compensation for recommending an outside investment.
The purpose behind this prohibition is to ensure that a financial advisor only offers to sell securities that have been vetted by his or her employer brokerage firm through a rigorous due diligence process. Most brokerage firms have an approved list of investments, products, and research that can be provided or made available to clients. Any deviation by the financial advisor from the approved product list may constitute selling away.
The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer 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. We can be reached at (800) 931-8452 or by email at firstname.lastname@example.org.