Stephen Herman Wedel (also known as Steve Wedel), of Creve Coeur, Missouri, a stockbroker formerly registered with LPL Financial, was the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim filed on May 16, 2022. The customer sought $95,000.00 in damages based on the allegation that Wdel made the unsuitable investment recommendation of Business Development Companies (BDCs). On June 24, 2022, the dispute was settled for $8,000.00. FINRA Arbitration No. 22-01049.
FINRA Public Disclosure shows that Wedel was referenced in two other customer initiated investment related disputes concerning his conduct while registered with LPL Financial. On August 25, 2020, a customer filed an investment related FINRA securities arbitration claim about Wedel, seeking $300,000.00 in damages. The claim alleged overexposure to risk through the sale of real estate investment trusts. FINRA Arbitration No. 20-02775. On December 28, 2022, the dispute was settled for $145,000.00.
On March 18, 2024, another customer brought an investment related FINRA securities arbitration claim about Wedel, alleging investments were unsuitable for the customer’s investment objectives and risk tolerance. FINRA Arbitration No. 24-00611. This case is currently awaiting a resolution. Wedel denies the allegations in these disputes.
Wedel is currently registered with Private Client Services LLC, located in Naples, Florida, as a stockbroker since June 4, 2018. Additionally, he has been associated with RFG Advisory LLC, in Creve Coeur, Missouri, and Naples, Florida, since August 11, 2014, as an investment advisor representative. Previously, he was registered with LPL Financial LLC in Creve Coeur, Missouri, from November 20, 2003, to June 8, 2018, as a stockbroker and investment advisor representative.
