Public records provided by the Financial Industry Regulatory Authority (FINRA) on April 27, 2016 indicate that former New York-based Salomon Whitney broker Steven Simone 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 hearing from investors who have complaints regarding Mr. Simone (CRD# 2413602).
Steven Simone has spent 17 years in the securities industry and was most recently registered with Salomon Whitney in Babylon Village, New York (2008-2011). Previous registrations include Westrock Advisors in Melville, New York; Raike Financial Group in Woodstock, Georgia; GIT Securities Corporation in Plainview, New York; Clark Street Capital in Levittown, New York; Royal Hutton Securities in New York, New York; Toluca Pacific Securities in Burbank, California; Hanover Sterling & Company in New York, New York; and GKN Securities in New York, New York (1993-1994). Of his former employers, four have since been expelled by FINRA: Westrock Advisors, GIT Securities, Clark Street Capital, and Royal Hutton Securities. He is currently not registered with any state or firm.
According to his BrokerCheck report, Steven Simone is the subject of three customer complaints and five regulatory sanctions.
In 2014, FINRA suspended Steven Simone following allegations that he failed to comply with an arbitration award or settlement agreement, or to satisfactorily respond to a request for information regarding compliance.
In 2012, a customer alleged that Steven Simone, while employed at Salomon Whitney, acted negligently, committed fraud, and breached his fiduciary duty. The complaint resulted in an award to the customer of more than $145,000.
In 2012, FINRA suspended Steven Simone following allegations that he failed to comply with an arbitration award or settlement agreement, or to satisfactorily respond to a request for information regarding compliance.
In 2011, FINRA permanently barred Steven Simone following allegations that he failed to appear and testify at an on-the-record interview.
In 2010, a customer alleged that Steven Simone, while employed at Salomon Whitney, unsuitably over-concentrated investments. The complaint resulted in an award to the customer of $102,000, to which Mr. Simone individually contributed $50,000.
In 2010, the State of Illinois revoked Steven Simone’s registration following unspecified allegations.
In 2009, FINRA sanctioned Steven Simone following allegations that he exercised discretionary authority over a deceased customer’s account without written authorization from the customer or approval of the account as discretionary from his member firm, Westrock Advisors. He was issued a fine of $10,500 and a 20-day suspension.
If you or someone you know has a complaint regarding Steven Simone, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be able to recover lost funds. Fitapelli Kurta accepts all cases on contingency—we only get paid if and when you collect 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.