Stephen James Sperling, based in Palatine, Illinois, a stockbroker registered with Wintrust Investments LLC, is the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim. In this claim, the customer requested $500,000.00 in damages. The claim alleged that Sperling promised the customer a 6.5 percent return on investment and a monthly dividend, failed to inform the customer that she was investing in an illiquid Real Estate Investment Trusts or “REITs,” and recommended to hold the REITs at all times. FINRA Arbitration No. 23-03644 (December 28, 2023).
FINRA Public Disclosure shows that Sperling is referenced in seven other customer initiated investment related disputes concerning his conduct while associated with securities broker dealers. On September 29, 2004, a customer filed an investment related complaint involving Sperling’s conduct in which the customer requested $10,000.00 in damages. The allegations were that Sperling did not disclose that yearly premium payments were required for the life insurance products sold. The complaint, however, was withdrawn by the customer.
On March 8, 2018, another customer filed an investment related complaint involving Sperling’s conduct while he was associated with Wayne Hummer Investments. The customer requested $27,000.00 in damages based on allegations that Sperling failed to disclose the risks and terms of non-traded real estate investment trusts Sperling recommended for purchase. The complaint was closed with no further action taken by the customer.
Sperling was also referenced in a customer initiated investment related complaint filed on July 8, 2021, in which the customer requested $103,437.76 in damages based upon allegations that during the time that Sperling was associated with Wintrust Investments LLC, he advised the customer to not cash in a real estate investment trust when it started losing money, resulting in losses. This complaint was closed with no further action taken by the customer.
On May 8, 2023, a customer filed an investment related FINRA securities arbitration claim involving Sperling’s conduct in which the customer requested $100,000.00 in damages based upon allegations that Sperling recommended risky and illiquid investments which went against the customer’s risk tolerance during the time that Sperling was associated with Wintrust Investments LLC. These investments were allegedly described as conservative, safe, and income-producing, without adequate disclosure of risks such as the lack of liquidity. FINRA Arbitration No. 23-0118.
Sperling was also referenced in a customer initiated investment related complaint filed on September 20, 2021, in which the customer requested $20,000.00 in damages based upon allegations that Sperling failed to disclose the risks associated with a real estate investment trust, which has been frozen with no payouts for years. This complaint was denied.
Sperling is also referenced in a customer initiated investment related FINRA securities arbitration claim in which the customer requested $1,000,000.00 in damages based upon allegations that Sperling made unsuitable recommendations and failed to perform due diligence on NorthStar Healthcare Income REIT. Additionally, it was alleged that Wintrust Investments LLC failed to supervise certain representatives in connection with the recommendation and sale of NorthStar products. FINRA Arbitration No. 23-02776 (October 19, 2023).
Sperling has been associated with Wintrust Investments LLC in Palatine, Illinois since September 20, 2007.
