Fairhope in Alabama is a beautiful city with a laid-back atmosphere and scenic landscapes. The world is not always as peaceful as it seems. Stephen Russell Stanford’s office is located in Fairhope, and he is currently being investigated for allegedly giving misleading investment advice.
Stephen Stanford is also known by his nickname Steve Stanford. He was a registered investment adviser with White Pacific Securities as well as East/West Securities. He is currently employed at Portsmouth Financial Services. His business is called Stanford Investments LLC.
According to the Financial Industry Regulatory Authority(FINRA), Mr. Stanford has been sanctioned through arbitration. This means that clients have the right sue him.
Steve Stanford: A string of allegations
Stanford has had a number of brushes with the law. He first came to the public’s attention when he was fired by PaineWebber in 2000 due to allegations of unauthorized trading. He has faced several controversy over the years. The highest settlement recorded against him is a whopping $225,000. Stanford’s settlement was a result of a customer alleging that Stanford had traded his account without their permission, resulting in significant financial losses.
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A customer of Portsmouth Financial Services, who filed a FINRA case against Stanford in November 2023. He was accused of providing deceptive advice on investments and failing to perform the due diligence required before recommending investment in GWG L Bonds. The complainant wants a massive $60,000 in damages. This matter is still pending with a FINRA Panel.
Stanford’s alleged misconduct when handling client accounts includes:
– Unsuitable investments recommendations
– The dissemination of false information.
– Failing to perform adequate due diligence prior to recommending investment in GWG L Bonds.
Trading without necessary authority.
What These Allegations Mean, and What To Do
The ongoing investigation may be a good opportunity to consult a lawyer about your investment losses if you worked with Steve Stanford previously. FINRA requires brokers and brokerage companies to report disputes, complaints and sanctions. Brokers also have to report personal bankruptcies as well as judgments and liens.
Even the most complex investment problems can be mitigated. Legal assistance can be invaluable in helping you to overcome the fear of financial loss.
Remember that Stanford’s previous allegations do not automatically mean your situation is doomed. It’s important to take immediate action in order to protect your finances.
In the complex world of financial investing, it is important to take a calculated approach. Keep up to date on the reputation of your broker and review their past performance. Stanford’s ongoing probe serves as a constant reminder that financial due diligence is more than a concept. It’s a requirement.