Securities Lawyers Blog
According to BrokerCheck records financial advisor Stephen Whittaker (Whittaker), formerly employed by First Financial Equity Corporation (First Financial) and previously with Morgan Stanley has been subject to at least 2 customer complaints, one bankruptcy filing, and two terminations for cause during the course of his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Whittaker’s customer complaints allege that Whittaker recommended unsuitable securities recommendations among other allegations of misconduct in the handling of customer accounts.
In May 2012 Whittaker was forced to resign from Morgan Stanley after the firm found that Whittaker communicated with third parties regarding two client accounts without written authorization and his potential involvement in unapproved outside business activities (OBAs).
In April 2015 Whittaker declared bankruptcy. FINRA discloses information concerning a broker’s financial condition because a broker’s inability to handle their own personal finances has also been found to be material information in helping investors determine if they should allow the broker to handle their finances.
In April 2019 Whittaker was terminated by First Financial after the firm found out that Whittaker was engaged in undisclosed business activities including tax planning for firm clients.