Public records provided by the Financial Industry Regulatory Authority (FINRA) on July 6, 2016 indicate that Florida-based LPL Financial broker/adviser Harvey Stein has been the subject of resolved or pending customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Stein (CRD# 1231200).
Harvey Stein has spent 32 years in the securities industry and has been registered with LPL Financial in Boca Raton, Florida since 2011. Previous registrations include Prime Capital Services in Boca Raton, Florida; Nathan & Lewis Securities in New York, New York; Triad Financial in Holbrook, New York; MLC Securities Corporation; Windsor Capital Markets; and Aegis Capital. He is a registered broker and investment adviser with 16 US states and territories: Arizona, California, Colorado, Florida, Georgia, Illinois, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Ohio, Pennsylvania, and Virginia.
According to his BrokerCheck report, Harvey Stein has received one customer complaint and one pending customer complaint.
In June 2016, a customer alleged Harvey Stein, while employed at LPL Financial, made unsuitable investment recommendations in real estate investment trusts, business development corporations, and mutual funds. The customer is seeking unspecified damages in the pending complaint.
In 2009, a customer alleged Harvey Stein, while employed at Prime Capital Services, was negligent in the handling of a beneficiary change on an annuity and an IRA account. The complaint settled for $14,990, to which Mr. Stein individually contributed $13,191.
A mutual fund is a variety of investment that combines a collection of stocks, bonds, or other securities. The collection is referred to as a portfolio. Each share of a portfolio represents the investor’s ownership of the fund’s holdings and the income generated by these holdings. Mutual funds typically generate money for investors either by way of dividends on stocks and interests on bonds, or a capital gain on the sale of securities. Mutual funds also allow you to receive a check for the distributions or simply reinvest the earning into more shares. They are often inexpensive and easy to purchase; they also generally allocate risk well, and bring the benefit of professional management. However, they may also come with hidden fees, and trigger a capital gains tax when a fund manager sells a security. Brokers and investment advisers who engaged in misconduct related to mutual fund investments may be subject to disciplinary action from FINRA, the Securities and Exchange Commission, or state authorities.
A real estate investment trust, or REIT, is an entity that owns assorted forms of real estate, or interests in real estate. As an investment product, REITs use the combined funds from a pool of investors to purchase real estate property; they can be publicly traded or privately held, traded on the stock market or not traded at all. As such, they are highly illiquid investments. While they have the benefit of extending new opportunities to investors who otherwise could not access certain real estate investments, non-traded REITs may be particularly risky for short-term investors and even long-term investors. They are additionally taxed on an individual level and can lead to property taxes as high as 25% of the sum operating expenses. Investment professionals who recommend unsuitable REITs may be subject to disciplinary action.
If you have complaints regarding Harvey Stein, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recoup your losses. All cases are taken on contingency: we only receive payment if and when you recover 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.