Stephen Gregory Whitman (also known as Steve Whitman) of Chesterfield, Montana, a stockbroker formerly registered with Oppenheimer Co. Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Whitman failed to cooperate with an investigation into allegations of his sales practice violations as alleged in customer complaints. Department of Enforcement v. Stephen G. Whitman, Disciplinary Proceeding No. 2021071227301 (July 12, 2022).
According to the Decision, FINRA’s investigation into Whitman stems from Whitman’s termination as an Oppenheimer stockbroker. Oppenheimer alleges that a customer provided money to Whitman concerning investments to be made away from the securities broker dealer. The customer was allegedly not paid back a large amount of the money provided to Whitman.
The regulator requested documents and information from Whitman as part of its investigation. Whitman was not responsive, which caused Department of Enforcement to file a Complaint against him. Whitman did not respond to FINRA’s Complaint. His failure to respond resulted in FINRA Office of Hearing Officer’s Default Decision.
Whitman was associated with Oppenheimer between November 16, 2007, and April 27, 2021.
FINRA Public Disclosure shows that an Edward Jones customer filed an investment related complaint regarding Whitman’s activities where the customer sought compensatory damages based upon accusations of them losing all of their money by following Whitman’s advice. According to the complaint, the customer had been advised to take out a mortgage on their home and sell insurance policies to generate funds to invest.
