Publicly available records published by the Financial Industry Regulatory Authority (FINRA) on September 15, 2016 indicate that New York-based Wells Fargo Advisors broker/adviser Steven Kavall has received several customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Kavall (CRD# 3078584).
Steven Kavall has spent fourteen years in the securities industry and has been registered with Wells Fargo Advisors Financial Network in Brooklyn, New York since 2010. Previous registrations include Citigroup Global Markets in Brooklyn, New York; Citicorp Investment Services in Brooklyn, New York; and Merrill Lynch in New York, New York. He is a registered broker and investment adviser with fourteen US states and territories: Arizona, California, Colorado, Connecticut, Delaware, the District of Columbia, Florida, Illinois, Massachusetts, New Jersey, New York, Pennsylvania, South Carolina, and South Dakota.
According to his BrokerCheck report, Steven Kavall has received four customer complaints and one pending customer complaint.
In February 2016 a customer alleged Steven Kavall, while employed at Wells Fargo Advisors, failed to supervise financial advisor’s activities. The customer is seeking $525,000 in damages in the pending complaint.
In February 2016 a customer alleged Steven Kavall, while employed at Wells Fargo Advisors, failed to supervise another financial advisor’s activity, including an unsuitable recommendation to liquidate funds from securities sales and invest in a hedge fund. The complaint settled in July 2016 for $90,000.
In March 2015 a customer alleged Steven Kavall, while employed at Wells Fargo Advisors, made unsuitable recommendations. The complaint settled in October 2015 for $350,000.
In 2012 a customer alleged Steven Kavall, while employed at Citigroup Global Markets, misrepresented material facts, breached contract, acted negligently, and failed to supervise. The complaint settled in 2013 for $12,000.
In 2011 a customer alleged Steven Kavall, while employed at Citigroup Global Markets, breached his fiduciary duty, failed to supervise, committed fraud, breached contract, failed to diversify, misrepresented material facts, and made unsuitable recommendations. The complaint settled in 2012 for $25,000.
FINRA Rule 3110(a)(2) requires broker-dealer firms to assign “an appropriately registered principal(s)” to perform supervisory duties for every type of business the firm conducts. Principals are required to ensure the compliance of individual representatives as well as the firm as a whole. Relevant issues include the representatives’ character and qualifications, outside employment, and regulation of business transactions. Representatives may not engage in outside business activities or securities transactions without providing written notice to their supervising principals. Principals who fail in their supervisory duties may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you or someone you know has a complaint regarding Steven Kavall, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup losses. Fitapelli Kurta accepts every case on contingency: we only get 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.