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Broker Complaints: Sterne Agee Financial Services, Inc. (CRD# 18456)

Sterne Agee has a history of customer and regulatory complaints. Sterne Agee is a licensed broker-dealer registered with FINRA, or the Financial Industry Regulatory Authority. Sterne Agee Financial is part of Sterne Agee, which was founded in 1901. Sterne Agee is headquartered in Birmingham, Alabama and has more than 140,000 clients across 50 states.

Customer complaints against Sterne Agee Financial Services, Inc. are governed by FINRA, or the Financial Industry Regulatory Authority. As a FINRA member firm, Sterne Agee Financial Services, Inc. must arbitrate any customer complaints before FINRA. Our law firm exclusively litigates FINRA arbitrations on behalf of investors. We are currently investigating complaints against Sterne Agee Financial Services, Inc. and are interested in hearing from investors who may have lost money.

Sterne Agee Financial Services, Inc. has been the subject of several regulatory complaints by FINRA related to its failure to adequately supervise its brokers. According to FINRA, Sterne Agee has seven disclosed regulatory events, which can include investigations or complaints by FINRA, the Securities and Exchange Commission or individual state securities regulators. The most recent complaint occurred in 2014, when Sterne Agee Financial Services, Inc. consented to a fine of $75,000. On April 2, 2013, Sterne Agee Financial Services, Inc. was fined $50,000 for similar FINRA initiated complaints. Finally, the firm faced two supervisory fines from FINRA in 2009, June and November. As a result of those complaints, Sterne Agee Financial Services, Inc. was required to pay a $15,000 and $10,000 fine, respectively.

In addition to its checked regulatory history, Sterne Agee Financial Services, Inc. has a history of employing rogue brokers. One such broker, Dean Mustaphalli currently has thirteen customer initiated complaints, which include allegations of fraud, forgery and misrepresentations. The most serious complaint against the Sterne Agee Financial Services, Inc. broker involves an ongoing FINRA investigation into his investment fund, which has lost over 90% of its value since its inception – leading many to believe it was a scam.

Lastly, Sterne Agee Financial Services, Inc. has various customer complaints, including complaints for securities fraud. Specifically, the following Sterne Agee brokers have two or more disclosed customer complaints:

  • Thomas P. Cox, a Sterne Agee Financial Services, Inc. broker, has three disclosed customer complaints according to FINRA. Mr. Cox is based in the firm’s New York City office.

  • Robert Stevens, a broker based in Sterne Agee’s Norfolk, Virginia office has eight disclosed customer complaints.

  • Mark Dray, a broker in Sterne Agee Financial Services, Inc.’s New York City office has two disclosed customer complaints according to FINRA.

  • Jerrey Alley is a broker at Sterne Agee Financial Services, Inc.’s Norfolk, Virginia branch. Mr. Alley has two disclosed customer disputes. In addition, he was asked to resign from a prior firm because he borrowed money from a customer in violation of FINRA rules.

  • Stephen Greenhaw, a Sterne Agee Financial Services broker, has two disclosed customer complaints. Mr. Greenhaw is based in the firm’s Columbus, Mississippi office.

If you or someone you know lost money investing with Sterne Agee Financial Services, Inc. please contact us today. Our firm will evaluate your complaint against Sterne Agee Financial Services, Inc. for free. Do not delay – speak to an attorney now.