Stephen Allen Sylvester (also known as Steve Sylvester), of Groton and Waterford, Connecticut, a stockbroker currently registered with CUNA Brokerage Services Inc., is referenced in a customer initiated investment related written complaint which was settled on November 2, 2021, to resolve allegations that Sylvestor made the unsuitable recommendation to purchase a fixed annuity transaction during the period Sylvester was registered with CUNA Brokerage Services. According to the complaint, the customer’s liquidity needs, social security concerns, and risk tolerance had not been considered by Sylvester.
Sylvester has been identified in three more customer initiated investment related disputes containing accusations of his harmful activities while employed by CUNA Brokerage Services. Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that a customer filed an investment related complaint concerning Sylvester’s conduct in which the customer sought $14,000.00 in damages founded on allegations of the customer’s needs being disregarded after the customer asked for their mutual fund portfolio to be changed at CUNA Brokerage Services.
On April 22, 2016, another customer filed an investment related complaint involving Sylvester’s activities where the customer requested $40,000.00 in damages based upon accusations of an unsuitable recommendation by Sylvester concerning a variable annuity. The complaint also alleges that Sylvester failed to inform them about the surrender charges on the variable annuity they purchased while he was associated with CUNA Brokerage Services.
Sylvester is also identified in a customer initiated investment related written complaint on September 9, 2019, in which the customer sought $7,765.00 in damages founded on allegations of unsuitable trading in the customer’s managed account. According to the complaint, Sylvester’s recommendations were not aligned with the customer’s risk tolerance.
All three claims were denied by his employer.
Sylvester has been registered with CUNA Brokerage Services Inc. as a stockbroker since May 4, 1992, and as an investment adviser representative since July 9, 2001.
