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Broker Complaints: Steelpoint Securities (CRD# 155847)

The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding California-based brokerage firm Steelpoint Securities (CRD# 155847).

Formed in California in 2010, Steelpoint Securities is headquartered in San Diego, California and registered with seventeen US states and territories. Mario Moretto is Managing Member and President; Elizabeth Marie Tractenberg is Financial Operations Principal and Chief Financial Officer; Christopher Robert Vanstelle is Chief Executive Officer, Chief Compliance Officer, and Managing Member.

According to the firm’s BrokerCheck report, Steelpoint Securities is the subject of one customer complaint that evolved into arbitration.

In 2014 a customer alleged Steelpoint Securities breached its fiduciary duty, misrepresented and omitted material facts, failed to supervise, and acted negligently in connection with an investment in common stock. In 2016 the complaint resulted in an award to the customer of $100,000.

According to FINRA rules and federal securities law, broker-dealer firms like Steelpoint Securities must comply with a standard called suitability, which requires them to recommend only investments that are considered suitable for their clients. Brokers must weigh such factors as the customer’s investment experience, investment goals, age, net worth, income, risk tolerance, and more. Firms and their representatives may not misrepresent or omit material facts pertaining to an investment, as misrepresentations or omissions might lead a customer to invest unsuitably. Firms have an additional supervisory duty to ensure their representatives do not recommend unsuitable products. Firms and brokers who fail to recommend suitable investments may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.

If you or someone you know has lost money investing with Steelpoint Securities, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: Fitapelli Kurta only gets paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.