Steven Robert Luftschein, of Melville, New York, a stockbroker formerly registered with Aegis Capital Corp., has been named in a customer initiated investment related arbitration claim, where the customer has requested $269,131.00 in damages based upon allegations of breach of fiduciary duty, breach of contract, omissions and misrepresentations, excessive and unauthorized trading, and unsuitable investment recommendations having been made to the customer in reference to equities effected in the customer’s investment account from April 24, 2014, to May 31, 2016. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-01007 (Apr. 28, 2017).
FINRA Public Disclosure reveals that on November 30, 2016, a customer pursued an investment related written complaint concerning Luftschein’s activities, wherein the customer sought $1,200,000.00 in damages based upon allegations that Luftschein made unsuitable investment recommendations concerning exchange traded funds, over-the-counter equities and municipal debt products. Moreover, the customer alleged that Luftschein placed investment transactions that were not authorized by the customer.
Luftschein’s registration with Aegis Captial Corp. was terminated on October 21, 2016. He has been employed with Joseph Stone Capital L.L.C. since May 16, 2017.
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