Stephen James Sullivan of New York, New York, a stockbroker formerly registered with Newbridge Securities Corporation, was identified in a customer initiated investment related FINRA securities arbitration claim which was settled for $30,000.00 in damages because Sullivan allegedly made unauthorized, unsuitable, and excessive securities transactions in the customer’s Newbridge Securities Corporation account. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-01811 (December 2, 2021). According to the claim, Sullivan was negligent and breached both a fiduciary duty and a contract in connection with the customer’s stock transactions.
Sullivan has been identified in two more customer initiated investment related disputes concerning his activities. FINRA Public Disclosure shows that a customer filed an investment related complaint involving Sullivan’s conduct where the customer sought $27,592.10 in damages based upon allegations that Sullivan made unauthorized purchases or sales of common and preferred stock when he was registered with First Midwest Securities Inc.
On October 10, 2019, a complaint concerning Sullivan’s activities was settled for $39,998.00 in damages because Sullivan allegedly made unsuitable, unauthorized, and excessive trades at SW Financial. The complaint alleges that Sullivan breached a fiduciary duty, breached a contract, and was negligent in connection with the customer’s equities transactions. According to the complaint, the customer was defrauded.
Sullivan is also the subject of a FINRA investigation. Case No. 20190619526 (August 10, 2021). The regulator recommended disciplinary action against Sullivan for potential excessive trading and churning of customer accounts and unsuitable recommendations to customers. The regulator states that Sullivan potentially violated Securities Exchange Act of 1934 Section 10(b), SEC Rule 10b-5, and FINRA Rules 2010 and 2111(a).
Ten of Sullivan’s last fourteen firms have been closed by regulators or are defunct. Sullivan was registered with Newbridge Securities Corporation between December 7, 2016, and November 22, 2017, Worden Capital Management LLC between November 29, 2017, and May 8, 2018, and SW Financial between May 8, 2018, and December 2, 2019. Since November 1, 2019, Sullivan has been registered with Spartan Capital Securities.