Steven Luftschein Under Investigation for Alleged Unauthorized Trading, Other Stockbroker Misconduct
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.