Charles Thomas Stevens of Saint Augustine Florida a stockbroker formerly registered with DH Hill Securities LLLP has been charged by Financial industry Regulatory Authority (FINRA) Department of Enforcement with failing to testify regarding allegations of his concealment of judgements and tax liens. Department of Enforcement v. Charles Thomas Stevens. 2017056627801 (Dec. 1, 2020).
According to the Complaint, Stevens was instructed by Department of Enforcement to provide recorded testimony via videoconference on May 1, 2020. Stevens told FINRA that he was unavailable. FINRA attempted to reschedule but was supposedly told that Stevens was unavailable on the new date. The regulator made a third request which called for Stevens to provide recorded testimony on June 25, 2020. Stevens allegedly relayed for a third time that he was unavailable. A fourth request made by FINRA purportedly went unanswered. Department of Enforcement alleges that Stevens violated FINRA Rules 2010 and 8210.
Stevens has been identified in five customer initiated investment related disputes regarding accusations of his misconduct while associated with NYLife Securities and DH Hill Securities. FINRA Public Disclosure reveals that a customer filed an investment related complaint regarding Stevens’s activities in which the customer requested $50,000.00 in damages based upon allegations of non-disclosures by Stevens concerning features of an annuity that had been purchased by the customer.
Stevens is also the subject of a customer initiated investment related written complaint in which the customer requested $24,000.00 in damages founded on accusations that the customers were falsely informed that their policies would remain in force by virtue of their initial premium payments. The complaint also indicates that the customers were not provided with accurate information concerning the liquidity of variable life insurance products.
The stockbroker is referenced in another customer initiated investment related arbitration claim where the customer requested $100,000.00 in damages supported by allegations of breach of contract and breach of fiduciary duty by Stevens concerning sales of real estate investment trusts while registered with DH Hill Securities. FINRA Arbitration No. 19-01824 (July 1, 2019). The claim alleges that the customer was defrauded on those REIT transactions.
On February 17, 2020, an additional customer initiated investment related arbitration claim involving Stevens’s conduct was settled for $30,000.00 in damages based upon accusations that a contract between the customer and the securities broker dealer had been breached as it pertained to sales of alternative investments including business development corporations and real estate investment trusts between 2012 and 2017. FINRA Arbitration No. 17-03348. According to the claim, the customer had been provided with Unsuitable investment advice and was harmed by the stockbroker’s negligence. The claim also alleges that Stevens violated a fiduciary duty to the customer.
On March 18, 2020, another customer initiated investment related arbitration claim concerning Stevens’s activities was resolved for $35,000.00 in damages founded on allegations that the DH Hill Securities customer’s business development corporation, real estate investment trust and annuity transactions reflected negligence and a breach of contract. FINRA Arbitration No. 17-02154. The claim also alleges that a fiduciary duty had been breached and that the stockbroker’s investment recommendations failed to be suitable for the customer.
Stevens’s registration with DH Hill Securities has been terminated as of February 5, 2020.