Issac Franklin Stevens Junior of Denton Texas is a stockbroker formerly registered with Edward Jones who has been fined five thousand dollars and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he exercised discretion in a customer’s account without authorization. Letter of Acceptance Waiver and Consent No. 2016051642201 (Nov. 27 2017).
According to the AWC, Stevens took investment orders from a customer weeks prior to effecting them. Evidently, Stevens neither possessed the written authorization from the customer to effect trades on a discretionary basis. FINRA found that Stevens’ conduct was violative of FINRA Rules 2010 and National Association of Securities Dealers (NASD) Rule 2510.
This is not the first time that Stevens has been sanctioned by a regulator for misconduct. Particularly, he has been fined $5,000.00 and suspended by the New York Stock Exchange (NYSE) according to a Hearing Panel Decision containing findings that he effected unsuitable limited partnership transactions in customer accounts. NYSE Hearing Panel Decision No. 92-133.
FINRA Public Disclosure also reveals that Stevens is referenced in two customer initiated investment related disputes pertaining to allegations of his misconduct.
Particularly, a customer initiated investment related civil action pertaining to Stevens’ conduct was settled for $1,905,000.00 in damages supported by accusations of fraud and the violation of federal and state securities laws. Case No. P-85-14-CA. Subsequently, a customer filed an investment related written complaint concerning Stevens’ conduct, in which the customer sought $8,000.00 in damages supported by allegations that Stevens made unsuitable investment recommendations to the customer concerning over-the-counter equities.
Since February 15, 2018, Stevens has been registered with Raymond James Financial Services, Inc.
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