Stockbroker Steven Luftschein is under investigation for unauthorized trading
and other stockbroker misconduct.
According to a June 2, 2017 BrokerCheck report from the Financial Industry
Regulatory Authority (FINRA), Steven Luftschein (CRD # 2690117) has been
involved in many resolved and pending customer disputes. He also is known
as Steven Lerner in some circles.
Steven Luftschein has been registered with Joseph Stone Capital based out
of Huntington, New York since May of his year. He has worked as a broker
for 20 years.
Steven Luftschein currently is a registered broker in Maryland. He has
received nine customer complaints that have settled, and two that are pending.
Unauthorized Trading Allegations Against Luftschein
A customer claims that from April 24, 2014 through May 31, 2016 Steven
Luftschein made unsuitable investment recommendations and participated
in both excessive trading and unauthorized trading. The client also accuses
Steven Luftschein of breach of contract, breach of fiduciary duty, and
of misrepresenting and omitting material facts. The client seeks $269,131
in damages in this pending complaint.
Another complaint against Steven Luftschein settled for $782,000 when the
customer had sought $2,000,000 in damages over allegations of unsuitable
recommendations and mishandling of the customer’s accounts from
June 2013 to January 2016, while Luftschein was with Aegis Capital.
The second pending complaint stems from the time when Steven Luftschein
was employed by Paulson Investment Company. A customer seeks $1,200,000
in this pending complaint over Steven Luftschein’s alleged unsuitable
investments recommendations and unauthorized trading he made from January
2010 through August 2011. The complaint was filed in November 2016.
If a stockbroker makes trades on your account without your knowledge or
permission, such trades are unauthorized. Your broker needs your permission
before buying or selling anything for your account.
If you sign a “trading authorization” that allows your broker
to buy and sell without contacting you every single time, that still doesn’t
give the broker the right to misuse or exceed his authority. Unsuitable
or unauthorized trades that result in sustained financial losses can haunt
a broker, who can be held accountable for such actions.
If you invested and lost money with Steven Luftschein, also known as Steven
Lerner, the attorneys at Meyer Wilson would
like to speak with you regarding your experiences.