Steven Maher (CRD#: 1011535), a registered representative with American Portfolios Financial Services, Inc. (CRD#: 18487) in Oradell, New Jersey, has been suspended by the Financial Industry Regulatory Authority (FINRA), according to his BrokerCheck record accessed on May 5, 2020. Why was Steven Maher suspended? Read on to find out.
On March 3, 2020, FINRA found that Steven Maher misused a customer signature. According to FINRA, a customer signed a partially completed variable annuity disclosure form and Steven Maher proceeded to photocopy that signature to fill out subsequent forms. What were these forms? The forms were required to obtain his member firm’s approval of a transaction he was recommending. FINRA considers the misuse of customer signatures to be a form of forgery. As a result of these allegations, Steven Maher entered into an Acceptance, Waiver, and Consent (AWC) agreement with FINRA in which he consented to FINRA’s findings and sanctions. He was fined $10,000 and suspended for two months. His suspension will last from April 6, 2020 to June 5, 2020. A copy of Steven Maher’s AWC can be viewed here.
Steven Maher’s recent suspension is far from the only disclosure on his BrokerCheck record. In fact, it is not even the first time that re-using signatures has landed Steven Maher in hot water. On August 4, 2017, Next Financial Group, Inc. terminated Steven Maher from his role as a broker after the firm found that he failed to follow firm policy when it came to customer signatures on new account documentation and variable annuity disclosure forms. Steven Maher used the same signature page when opening up two customer accounts. The firm found that to be unacceptable and discharged him.
Additionally, on September 16, 2019, Steven Maher became involved in a customer dispute in which clients alleged that he breached his contract, breached the covenant of good faith and fair dealing, made negligent misrepresentations, engaged in negligence, and breached his fiduciary duty. The dispute is pending.
Over his 25-career in the securities industry, Steven Maher has worked for seven brokerage firms. In addition to American Portfolios Financial Services, Inc. (CRD#: 18487) in Oradell, New Jersey, he has also worked for the following broker-dealers:
- Next Financial Group, Inc. (CRD#: 46214)
- Sagepoint Financial, Inc. (CRD#: 133763)
- American General Securities Incorporated (CRD#: 13626)
- USLIFE Equity Sales Corp. (CRD#: 7962)
- Jaron Equities Corp. (CRD#: 5764)
- PFS Investments Inc. (CRD#: 10111)
Steven Maher has passed the Series 63 – Uniform Securities Agent State Law Examination, the SIE – Securities Industry Essentials Examination, and the Series 6 – Investment Company Products/Variable Contracts Representative Examination. He is licensed to sell securities in California, Florida, Georgia, New Jersey, New Mexico, New York, Pennsylvania, South Carolina, Virginia, and Washington.
If Steven Maher was your broker and you have concerns about your investments, don’t hesitate to contact the securities attorneys of Fitapelli Kurta to learn about your options for recovery. Call (877) 238-4175 or email email@example.com for your free case consultation with a securities attorney.