• July 21, 2018
• Stifel Nicolaus & Company
• Unsuitability
• Unsuitable

The Wolper Law Firm, P.A. is currently investigating claims against Stephen Hurtuk, a former Financial Advisor at Stifel Nicolaus in Boardman, Ohio.  Stephen Hurtuk has been in the securities industry since the 1970s and previously worked for Citigroup and Merrill Lynch.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Stephen Hurtuk has 7 customer complaints, including 3 pending complaints, for sales practice violations.

https://brokercheck.finra.org/individual/summary/848484#disclosuresSection

Among the customer complaints filed against Stephen Hurtuk include the following:

• June 2018—”Customer alleges that advice to purchase a preferred stock on April 23, 2015 was an unsuitable recommendation.” The matter remains pending
• June 2018—”Customers allege that registered representative breached his fiduciary duty to customers, placed them in speculative stock and took no action to minimize loss.” The matter remains pending.
• June 2018—” Customer alleges that her account should have been “rated conservative income” rather than a growth and income primary investment objective / moderately aggressive risk tolerance.” The matter remains pending.
• November 2017—”Client alleges that registered representative concentrated the client’s accounts in two securities, which resulted in losses.”
• June 2017—”Client alleges that registered representative failed to diversify the client’s portfolio and invested in speculative equities on February 5, 2015 and May 26, 2015.”
• May 2016—”Client alleges trades executed in her accounts on May 19, 2015 were unsuitable.”

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 Stephen Hurtuk, and you experienced investment losses, please contact the Wolper Law Firm, P.A. at 800.931.8452 or by email at mwolper@wolperlawfirm.com to discuss your specific situation and the legal options available.  The Wolper Law Firm, P.A. represents investors nationwide in securities litigation and arbitration.

Matt Wolper, the Managing Principal of the Wolper Law Firm, P.A., 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.  Simply put, he knows how the other side evaluates cases, which gives you a competitive advantage.