Kyle W. Steibel, of Belleville, Illinois, a stockbroker registered with CUNA Brokerage Services Inc., has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Steibel failed to respond to FINRA’s request for information. FINRA Case No. 2022074241501 (May 1, 2023).
According to FINRA’s Notice of Suspension letter issued on April 5, 2023, Steibel’s association with any FINRA member firm in any capacity is suspended effective May 1, 2023. If Steibel does not request to terminate the suspension within three months from the date of the Notice of Suspension, he will be automatically prohibited from associating with any FINRA member in any capacity starting July 10, 2023, according to FINRA Rule 9552(h).
FINRA Public Disclosure shows that Steibel is referenced in eighteen customer initiated investment related disputes concerning Steibel’s conduct while associated with securities broker dealers, including CUNA Brokerage Services Inc. On July 1, 2022, a customer initiated investment related complaint involving Steibel’s conduct was settled for $30,340.82 in damages based upon allegations that Steibel made omissions of material fact concerning principal protection and liquidity of variable annuities.
On July 14, 2022, a customer initiated investment related complaint involving Steibel’s conduct was settled for $32,648.85 in damages based upon allegations that Steibel omitted information about breakpoint discounts and sales charges on mutual funds.
Steibel was also referenced in a customer initiated investment related complaint that was settled on November 2, 2022, for $20,788.80 in damages based upon allegations that Steibel omitted information about fees on mutual funds.
On November 15, 2022, a customer initiated investment related complaint involving Steibel’s conduct was settled for $37,870.99 in damages based upon allegations that Steibel made omissions concerning fees, risks, and features of variable annuities.
Steibel was also referenced in a customer initiated investment related complaint that was settled on January 12, 2023, for $15,937.77 in damages based upon allegations that Steibel made unsuitable recommendations of mutual funds during the period that Steibel was associated with Cuna Brokerage Services Inc. The complaint alleges that the recommendations were inconsistent with the customer’s risk tolerance.
On March 30, 2023, a customer initiated investment related complaint involving Steibel’s conduct was settled for $30,503.92 in damages based upon allegations that Steibel engaged in unsuitable trading in mutual funds.
Steibel was also referenced in a customer initiated investment related complaint that was settled on March 30, 2023, for $30,503.92 in damages based upon allegations that Steibel made unsuitable recommendations of mutual funds.
Steibel was associated with CUNA Brokerage Services Inc. in Belleville, Illinois, as a stockbroker from May 20, 2020, to February 16, 2022. Steibel was discharged by CUNA Brokerage Services Inc. on February 1, 2022, based upon allegations that Steibel failed to comply with company policy concerning mutual fund switches.
