Public records published by the Financial Industry Regulatory Authority (FINRA) on December 12, 2016 indicate that California-based DFPG Investments broker/adviser Steven Meahan has been the subject of customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Meahan (CRD# 1234042).
Steven Meahan has spent 32 years in the securities industry and has been registered with Sandlapper Securities in Pleasant Hill, California since 2013. Previous registrations include Sandlapper Securities in Pleasant Hill, California; Pacific West Securities in Walnut Creek, California; H. Beck in Bethesda, Maryland; FSC Securities in Atlanta, Georgia; First Affiliated Securities in La Jolla, California; PFG Securities; Chubb Securities; and NEL Equity Services Corporation. He is a registered broker and investment adviser with two US states: California and Oregon.
According to his BrokerCheck report, Steven Meahan has received two customer complaints.
In 2012 a customer alleged Steven Meahan, while employed at Pacific West Securities, misrepresented material facts and recommended “highly inappropriate, unsuitable and overly concentrated” investments. The complaint settled for $45,000.
In 1995 a customer alleged Steven Meahan, while employed at FSC Securities, misrepresented and fraudulently concealed facts, breached his fiduciary duty, acted negligently, and violated California securities law. The complaint settled in 1996 for $1,250,000.
Concentration (or “over-concentration”) refers to a broker’s failure to diversify a customer’s portfolio among a variety of assets. Sometimes a broker believes one asset will outperform others, and focuses the investment in that asset or class. In other cases, a broker might invest primarily in a series of related investments; for instance, municipal bonds in the same region. Since similar classes often perform similarly, if one performs poorly, the others might as well. Brokers who fail to diversify their customers’ investments may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you have lost money investing with Steven Meahan, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 without delay. 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.