Sterling Carmen Hirsch, of Yucaipa, California, a stockbroker registered with Center Street Securities Inc., has been fined $20,000.00 by the California Department of Insurance because Hirsch ignored suitability requirements and entered into a customer loan. Case No. IE202000426 (May 24, 2023). Hirsch’s insurance license has been placed in a probationary state for five years. This restricted status means that any new violations could result in the revocation of his license by the regulator.
This is not the first issue concerning Hirsch’s conduct in the securities industry. Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that Hirsch was also referenced in a customer initiated investment related complaint filed on May 21, 2019, in which the customer requested compensatory damages based upon allegations that Hirsch improperly handled the customer’s individual retirement accounts during the time that Hirsch was associated with First Allied. This complaint was withdrawn.
On November 14, 2023, a customer initiated investment related FINRA securities arbitration claim involving Hirsch’s conduct was settled for $30,000.00 in damages based upon allegations that Hirsch engaged in sales practice violations in connection with the sale of L Bonds when Hirsch was associated with Infinity Financial Services. FINRA Arbitration No. 23-00672.
On October 28, 2018, First Allied Securities Inc. discharged Hirsch based upon allegations that Hirsch failed to follow firm policy by not disclosing a loan from a customer.
