Publicly available records published by the Financial Industry Regulatory Authority (FINRA) on November 3, 2016 indicate that former Connecticut-based Moors & Cabot broker Paul Steffany has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Steffany (CRD# 1082262).
Paul Steffany has spent 32 years in the securities industry and was most recently registered with Moors & Cabot in Westport, Connecticut (2014-2015). Previous registrations include Raymond James & Associates in Wilton, Connecticut and AG Edwards & Sons in Wilton, Connecticut. He is currently not registered with any state or firm.
According to his BrokerCheck report, Paul Steffany has received two regulatory sanctions and was discharged from Raymond James & Associates.
In May 2016 the State of Connecticut sanctioned Paul Steffany in connection with a previous FINRA action alleging he converted funds. He was permanently barred from, among other things, transacting business in or from Connecticut as a broker-dealer, agent, investment adviser or investment adviser agent.
In 2015 FINRA sanctioned Paul Steffany following allegations he “converted funds belonging to his member firm’s customer, an estate with a testamentary trust for which he served as the trustee, by taking from the estate at least $112,742 purportedly as compensation for serving as the trustee.” According to FINRA: “[Mr. ] Steffany paid himself trustee fees by transferring funds from the estate’s brokerage account at the firm into a bank account held by the estate outside of the firm. Steffany arranged for the estate’s bank account statements to be sent to his home address. In doing so, Steffany concealed his misconduct from the firm. Although Steffany refunded approximately $112,742 to the estate and resigned as trustee, he did not do so until after the firm commenced an investigation into his administration of the trust. The findings also stated that Steffany forged the signature of a co-executor on checks made payable to the estate.” He was permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public.
In 2014 Paul Steffany was terminated from Raymond James & Associates following allegations he “admitted to improper endorsements on checks.”
If you or someone you know has lost money investing with Paul Steffany, 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. We accept all cases on contingency: Fitapelli Kurta only gets paid if and when you collect money. Time to file your claim may be limited, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.