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Silver Oak Broker John Steffen: Complaints

shutterstock_105422975The securities and investment fraud law firm Fitapelli Kurta is investigation allegations of misconduct against Kentucky-based Silver Oak broker John Steffen (CRD# 1338944).

John Steffen has spent thirty years in the securities industry and has been registered with Silver Oak Securities in Florence, Kentucky since 2010. Previous registrations include CFD Investments in Florence, Kentucky (2004-2010); USA Financial Securities Corporation in Ada, Michigan (2002-2004); Ohio National Equity Sales in Cincinnati, Ohio (1997-2002); and Pruco Securities in Newark, New Jersey (1985-1997). He is a registered broker in seven US states.

According to his BrokerCheck report, John Steffen is the subject of seven customer complaints and one regulatory sanction. He was additionally discharged from his position at Ohio National Equity Sales.

In 2014 the Financial Industry Regulatory Authority (FINRA) sanctioned John Steffen following allegations he executed discretionary transactions without first obtaining written authorization from his customers or acceptance of the accounts as discretionary from his member firm, Silver Oak Securities. Mr. Steffen was issued a $5,000 fine and a 20-day suspension from the securities industry.

In 2012 a customer alleged John Steffen, while employed at Silver Oak Securities, reallocated a variable annuity sub-account by mistake, resulting in a loss. The complaint settled for more than $13,200.

In 2002 a customer alleged John Steffen, while employed at Pruco Securities, failed to disclose yearly premiums associated with an insurance policy. The complaint settled in 2003 for more than $15,200.

In 2002 John Steffen was discharged from his position at Ohio National Equity Sales following allegations he used the Certified Senior Advisor designation on a seminar mailer without authorization.

In 1995 a customer alleged John Steffen provided misinformation with respect to the purchase of a life insurance contract. The complaint settled for more than $19,900.

In 1994 a customer alleged John Steffen, while employed at Prudential Securities, provided misinformation with respect to the purchase of an appreciable life insurance policy. The complaint settled for more than $15,000.

If you or someone you know has a complaint regarding John Steffen, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be able to recover lost funds. Fitapelli Kurta accepts all cases on contingency: we only get paid if and when you collect money. You may have a limited window to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.