Did you lose money investing with Steven Gary (a/k/a Steve Gary) (CRD# 3006884)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Steven Gary (a/k/a Steve Gary). If you suffered losses investing with Steven Gary (a/k/a Steve Gary), then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
As of June 25, 2020, Steven Gary (a/k/a Steve Gary)’s FINRA BrokerCheck Report contains the following:
SUSPENDED: FINRA has suspended this individual from acting as a broker. Please see the detailed report for more information.
Disclosure Events
1 Regulatory Event(s)
UPDATE 6/25/2020: According to FINRA’s June 2020 Disciplinary Actions: Steven Todd Gary (CRD #3006884, Burleson, Texas) April 24, 2020 – An AWC was issued in which Gary was assessed a deferred fine of $12,500 and suspended from association with any FINRA member in all capacities for one year. Without admitting or denying the findings, Gary consented to the sanctions and to the entry of findings that he forged the signature endorsements of his parents on checks totaling $332,650 that represented loans on their life insurance policies. The findings stated that Gary was the insurance agent responsible for his parents’ life insurance policies. With his parents’ consent, Gary processed requests to borrow funds from his parents’ life insurance policies. Gary issued loan disbursement checks that were made payable to his parents and endorsed the checks by signing his parents’ names on the back. Gary then deposited the checks into his personal bank account. The findings also stated that Gary provided falsified and backdated power of attorney forms for his parents and wife to his insurance company employer during an investigation into his forgery. In connection with its investigation, the company asked Gary whether his parents or wife had given him power of attorney over their finances. In response to the company’s request, Gary provided it with falsified power of attorney forms for his parents and wife, which he created. Gary also arranged for employees in his office to sign witness certifications that falsely attested to the fact that the power of attorney forms had been executed on the dates provided. The falsified power of attorney forms for Gary’s parents and wife purported to give him power of attorney over their financial affairs, including the authority to negotiate and endorse checks. Gary had a genuine power of attorney for his wife but did not provide the company with this until after it discovered that he had provided a falsified form. Gary did not have power of attorney for either of his parents. The findings also included that Gary impersonated his father during calls with a bank affiliated with the insurance company. During the calls, Gary misrepresented that he was his father in order to request monetary transfers from his father’s bank account to Gary’s bank account. Gary engaged in this conduct with his father’s knowledge and consent. The suspension is in effect from May 4, 2020, through May 3, 2021. (FINRA Case #2018060221201)
Current and Previous Registrations
03/04/1998 – 10/19/2018 STATE FARM VP MANAGEMENT CORP. (CRD#:43036) FORT WORTH, TX
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with Steven Gary (a/k/a Steve Gary) and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.
