Steven Luftschein (CRD #: 2690117), also known as Steven Lerner, has been barred by FINRA, according to his BrokerCheck record, accessed on February 8, 2021. Luftschein has most recently registered with Joseph Stone Capital and Aegis Capital Corp. The FINRA order alleges that Luftschein has engaged in unauthorized trading and executed excessive trades in order to get more commissions for himself, resulting in losses for investors.
Barred by FINRA
On January 13, 2021, Seven Luftschein was barred indefinitely by FINRA. The order alleges that Luftschein deliberately incurred unreasonably high trading costs with excessive and unauthorized trades. These trades allegedly led to investor losses of more than $261,000 and earned Luftschein substantial commissions.
In order to hide his commissions, Luftschein allegedly labeled a high percentage of the trades as “riskless principal trades,” which meant that his investors would not see how much he had earned in commission.
You can read a copy of the order here.
On January 13, 2020, an investor alleged that Steven Luftschein engaged in excessive and unsuitable trades. The investor is seeking $200,000; the dispute is pending.
Unauthorized Trading Disputes
Luftschein has six settled investor disputes regarding unauthorized trading. These collectively resolved for $1,657,462.38.
Steven Luftschein has settled two investor disputes regarding recommending unsuitable investments. The disputes resolved for a total of $1,057,000.
Steven Luftschein has settled three disputes in which investors alleged that he charged excessive commissions. These collectively resolved for $98,986.
Steven Luftschein has passed the Series 65 Uniform Investment Adviser Law Examination, the Series 63 Uniform Securities Agent State Law Examination, the Securities Industry Essentials Examination, the Series 7 General Securities Representative Examination, and the Series 6 Investment Company Products/Variable Contracts Representative Examination.
Steven Luftschein worked in the securities industry for 21 years. During that time, he worked for the following 12 firms:
- Joseph Stone Capital (CRD #: 159744)
- Aegis Capital (CRD #: 15007)
- John Thomas Financial (CRD #: 40982)
- Rockwell Global (CRD #: 142485)
- Paulson Investment Company (CRD #: 5670)
- Gunnallen Financial (CRD #: 17609)
- Maxim Group (CRD #: 120708)
- Investec Ernst & Company (CRD #: 266)
- Josephthal & Co (CRD #: 3227)
- J.W. Barclay (CR #: 23350)
- Metropolitan Life Insurance Company (CRD #: 4095)
- Metlife Securities (CRD #: 14251)
If Steven Luftschein was your broker and you have questions about your investments, don’t hesitate to contact the securities attorneys of Fitapelli Kurta. Call (877) 238-4175 or email firstname.lastname@example.org for a free case consultation with a securities attorney.