Public records published by the Financial Industry Regulatory Authority (FINRA) on May 9, 2017 indicate that former Iowa-based H. Beck broker/adviser Steve Walsh has been sanctioned by the Florida Office of Financial Regulation and is currently not affiliated with any broker-dealer firm. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Walsh (CRD# 2478773).
Steve Walsh has spent 22 years in the securities industry and was most recently registered with H. Beck in Clive, Iowa (2016-2017). Previous registrations include VSR Financial Services in Clive, Iowa and Royal Alliance Associates in New York, New York. He has passed three securities industry examinations: Series 7 (General Securities Representative Examination); Series 63 (Uniform Securities Agent State Law Examination); and Series 66 (Uniform Combined State Law Examination). He is currently not registered with any state or firm.
According to his BrokerCheck report, he has received one regulatory sanction and three customer complaints.
In December 2016 the Florida Office of Financial Regulation sanctioned him following allegations he made “a material misstatement on the application for registration.” His application for registration was denied.
In 2010 a customer alleged Steve Walsh, while employed at VSR Financial Services, made an unsuitable investment recommendation. The complaint settled for $35,000.
In 2008 a customer alleged he, while employed at VSR Financial Services, recommended an unsuitable product. The complaint settled for $42,000.
In 1999 a customer alleged Steve Walsh, while employed at VSR Financial Services, committed forgery, omitted material facts, recommended unsuitable securities, and acted negligently. The complaint resulted in an award to the customer of $3,500.
FINRA rules and federal securities law require brokers like Steve Walsh to recommend only investments that are considered suitable for their clients. The “suitability” standard takes into account factors including factors the investor’s age, income, risk tolerance, net worth, investment goals, and investment experience. Brokers are and investment advisers are also forbidden from misrepresenting or omitting material facts connected to the product so as to solicit unsuitable investments. Firms like H. Beck have a supervisory duty to ensure that their brokers comply with these regulations. Brokers and firms who make unsuitable recommendations may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you or someone you know has complaints regarding Steve Walsh, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recover lost funds. All cases are taken on a contingency basis: we only receive payment if and when you collect money. Time to file your claim may be limited, so we suggest you avoid delay. Call 877-238-4175 now to speak to an attorney for free.