Securities Lawyers Blog
The securities lawyers of Gana Weinstein LLP are investigating broker Stephen Sullivan (Sullivan), currently associated with SW Financial out of Melville, New York. According to a BrokerCheck report, Sullivan has been subject to at least two customer disputes, one regulatory action, one financial disclosure, and three civil judgements during his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), the customer complaints against Sullivan concern allegations of excessive trading also referred to as churning.
In May 2018 a customer filed a complaint against Sullivan alleging unsuitable transactions, excessive trading, and failure to supervise. The customer requested $540,618 in damages. This dispute is still pending.
In February 2016 FINRA found that Sullivan violated NASD Rules 2510(b) and 2010 by exercising discretion in customers’ accounts without obtaining authorization from the customers or approval by his member firm. Without admitting or denying the allegations, Sullivan consented to the described sanctions and to the entry of the findings. Sullivan was fined $5,000 and suspended for 10 business days.