Paul Steffany Barred by FINRA and Connecticut; Arizona investigation
Paul Steffany, a former registered representative with Raymond James and Associates of Wilton, CT was permanently barred by FINRA in October, 2015 as a result of a FINRA investigation into Steffany’s role in converting funds belonging to an estate client, and spending those funds for personal use.
On May 13, 2016 the state of Connecticut issued a consent order barring Paul Steffany for the same conduct. According to the findings, Steffany converted over $110,000 of estate funds by transferring the funds from the estate’s Raymond James account to an estate bank account outside the firm. He had the bank account statements sent to his home to conceal his conduct, and then wrote checks from the estate account to cover his personal expenses.
Paul Steffany’s registration and disciplinary history
According to FINRA’s CRD disclosure report, Steffany has been the subject of two regulatory investigations. In addition, in March 2016, the Arizona Corporations Commission filed an action to revoke Steffany’s registration based upon the same events.
The Law Office of David Liebrader practices exclusively in the field of investment loss recovery and our securities attorneys have successfully resolved over 1000 investment loss cases over the past 20 years.
Investment losses can be recovered through a process known as FINRA arbitration. FINRA regulates broker dealers that sell investments, and provides an arbitration forum to resolve investor disputes. Investors can pursue claims against their brokerage firms in the FINRA arbitration forum. Common claims in the forum are those for suitability, breach of fiduciary duty, misrepresentations and omissions, negligence, violation of FINRA rules, state and federal securities laws violations, elder abuse, breach of contract and failure to supervise. On average, the recovery process takes approximately a year, from start to finish.
FINRA’s rules require that all investment recommendations made by licensed financial advisors be suitable in light of a customer’s needs, objectives and risk tolerance. In addition, all registered representatives are required to be properly supervised, with periodic inspections and reviews by qualified supervisors, whose job it is to vigorously investigate suspicions of wrongdoing (red flags).
If you have suffered investment losses please call The Law Office of David Liebrader at (702) 380-3131 for a free, confidential consultation