Robert Charles Stevens, of Norfolk, Virginia, a stockbroker formerly registered with Sterne, Agee & Leach, Inc., is the subject of a customer initiated investment related written complaint on August 19, 2016, based upon allegations that he misled the customer by making promises about the customer’s closed-end funds and variable annuity having been guaranteed against loss.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Stevens has been subject of nine additional customer initiated investment related disputes pertaining to allegations of his wrongdoing while he was associated with Wachovia Securities, Wells Fargo Advisors, and Stifel, Nicolaus & Company, Inc. Specifically, on August 25, 2008, a customer initiated investment related written complaint involving Stevens’ conduct was settled for $6,208.00 in damages resting on accusations that Stevens failed to advise the customer about surrender penalties on an annuity investment. Moreover, the customer alleged that Stevens guaranteed her initial investment to be protected from loss. Apparently, the customer’s initial investment declined from $30,000.00 to $23,792.00.
Subsequently, on March 2, 2009, a customer filed an investment related written complaint regarding Stevens’ activities, where the customer sought $25,000.00 in damages supported by allegations that Stevens facilitated the purchase of a variable annuity that was not suitable for the customer. From January 6, 2010, to December 24, 2011, four additional customers filed complaints regarding Stevens’ activities, based upon accusations that Stevens failed to apprise the customers about the terms and conditions of investing in variable annuities. Moreover, on June 17, 2016, a customer filed an investment related written complaint regarding Stevens’ activities founded on allegations that Stevens made unsuitable investment recommendations concerning the disposition of the customer’s funds.
Stevens’ registration with Sterne, Agee & Leach, Inc. was terminated as of July 7, 2015. He was registered with Stifel, Nicolaus & Company Inc. from July 7, 2015, to February 22, 2016, and became registered with Cambridge Investment Research, Inc. on January 27, 2016.
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