Steven Robert Luftschein (also known as Steven Lerner) of Melville New York a stockbroker associated with Aegis Capital Corp has been referenced in a customer initiated investment related arbitration claim in which the customer requested $200,000.00 in damages based upon allegations that misleading and false statements had been made to the customer and that trades were effected on an unsuitable and excessive basis by the stockbroker when he was associated with Aegis Capital Corp. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-03414 (Jan. 13, 2020).
FINRA Public Disclosure reveals that Luftschein has been referenced in sixteen more customer initiated investment related disputes concerning accusations of his transgressions while associated with securities broker dealers including Paulson Investment Company LLC and Aegis Capital Corp. On October 13, 2016, a customer initiated investment related complaint in reference to Luftschein’s conduct was resolved for $782,000.00 in damages based upon accusations of unsuitable advice and the mishandling of the customer’s account by Luftschein between June of 2013 and January of 2016.
Luftschein is also referenced in a customer initiated investment related arbitration claim which was resolved for $100,000.00 in damages based upon allegations including excessive and unauthorized trading. FINRA Arbitration No. 17-01007 (Mar. 16, 2018). According to the claim, a fiduciary obligation to the customer had been violated and investment recommendations failed to be suitable. The claim also alleged omissions and misrepresentations regarding stocks and over-the-counter equities.
On April 30, 2018, another customer initiated investment related arbitration claim involving Luftschein’s conduct was settled for $800,000.00 in damages based upon allegations of the violation of federal securities laws and Georgia securities laws in reference to Luftschein’s trading. FINRA Arbitration No. 17-01932. According to the claim, exchange traded funds and over-the-counter equities trades were effected without the customer’s permission and had been negligently supervised by Paulson Investment Company. The claim also alleged breach of fiduciary duty and excessive trading.
Luftschein is also referenced in a customer initiated investment related arbitration claim which was settled for $132,500.00 in damages supported by allegations including breach of contract and breach of fiduciary duty relating to transactions Luftschein made at Aegis Capital Corp. FINRA Arbitration No. 18-01797 (Jan. 22, 2019).
According to the claim, the customer’s account had been churned and exposed to the stockbroker’s negligence which resulted in unwarranted losses. On May 30, 2019, another customer initiated investment related arbitration claim was settled for $569,962.38 in damages supported by allegations that Luftschein effected unauthorized trades and had recommended transactions that failed to be suitable for the Aegis Capital Corp customer. FINRA Arbitration No. 18-00408.
Luftschein’s registration with Aegis Capital Corp has been terminated as of October 21, 2016. He was associated with Joseph Stone Capital LLC between May 16, 2017 and May 21, 2018.
