Dudley Franklin Stephens (also known as Stephen Franklin Dudley), of New York, New York, a stockbroker registered with Coastal Equities Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based based upon the findings that Stephens failed to pay a FINRA arbitration award entered against him by his former employer. FINRA Arbitration No. 20-01360 (Nov. 18, 2021).
This is not the first time that Stephens has been the subject of a regulatory action concerning his conduct in the securities industry. FINRA Public Disclosure shows that Stephens has been fined $5,000.00 and suspended from associating with any FINRA member in any capacity for ten days based upon allegations that Stephens improperly removed confidential information from the firm. Case No. 2013037374401 (June 16, 2014).
On December 7, 2018, Stephens was barred from associating with any FINRA member in any capacity based upon allegations that Stephens failed to respond to FINRA’s request for information. Case No. 2018059265601.
FINRA Public Disclosure shows that Stephens is referenced in customer initiated investment related disputes concerning Stephens’ conduct while associated with securities broker dealers, including Max International Broker/Dealer Corp. On November 11, 2004, a customer filed an investment related complaint involving Stephens’ conduct in which the customer requested $27,358.00 in damages based upon allegations that Stephens churned the customer’s account, made unsuitable and unauthorized transactions, and was negligent relating to the recommendation and sale of common stocks and preferred stocks when Stephens was associated with Max International Broker/Dealer Corp.
On April 13, 2014, another customer filed an investment related complaint involving Stephens’ conduct in which the customer requested compensatory damages based upon allegations that Stephens committed sales practice violations with regard to the recommendation and sale of investments when Stephens was associated with Wells Fargo Advisors LLC.
Stephens is also referenced in a customer initiated investment related complaint that was settled on February 21, 2019 for $41,250.00 in damages based upon allegations that Stephens made unauthorized transactions and charged the customer excessive commissions in connection with the recommendation and sale of private securities transactions when Stephens was associated with Prospera Financial Services Inc.
On November 22, 2019, a customer initiated investment related FINRA securities arbitration claim involving Stephens’ conduct was settled for $97,500.00 in damages based upon allegations that Stephens converted the customer’s funds, made excessive transactions, and made unsuitable investment recommendations concerning the sale of common stocks and preferred stocks, oil and gas investments, real estate securities, and private securities transactions when Stephens was associated with Prospera Financial Services Inc. and Coastal Equities Inc. FINRA Arbitration No. 19-00201.
Dudley Stephens was associated with Coastal Equities Inc. in New York, NY, as a stockbroker from November 22, 2016 to July 23, 2018. Coastal Equities Inc. discharged Stephens based upon allegations that Stephens had letters of authorization relating to third party wire transfers.
