Steven Michael Knowlton of Ann Arbor Michigan is a stockbroker formerly associated with IMS Securities Inc. who is the subject of a customer initiated investment related arbitration claim where the customer sought five hundred thousand dollars in damages based upon allegations of (1) fraud (2) unsuitable investment recommendations and (3) failure to conduct due diligence relating to real estate investment trusts and equipment leasing products. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-01461 (June 9 2017).
FINRA Public Disclosure reveals that Knowlton has been identified in ten additional customer initiated investment related disputes that pertain to accusations of his wrongful conduct during the period that he was employed with IMS Securities, Inc. Particularly, on October 17, 2008, a customer filed an investment related written complaint involving Knowlton’s conduct, in which the customer requested $32,000.00 in damages supported by allegations that Knowlton failed to execute the customer’s stop loss orders, causing the customer to sustain losses on equity holdings.
Subsequently, a customer initiated investment related arbitration claim involving Knowlton’s conduct was settled for $35,000.00 in damages founded on accusations of negligence, suitability, and misrepresentation relating to real estate investment trust and equipment leasing product transactions. FINRA Arbitration No. 14-02488 (May 11, 2015). Another customer initiated investment related arbitration claim regarding Knowlton’s activities was resolved for $100,000.00 in damages based upon allegations of suitability relating to the customer’s direct investment product and real estate security transactions. FINRA Arbitration No. 15-03412 (Oct. 19, 2017).
Thereafter, a customer filed an investment related arbitration claim pertaining to Knowlton’s conduct, where the customer sought $100,000.00 in damages supported by accusations of negligence, suitability, misrepresentation, fraud, churning and breach of fiduciary duty pertaining to equipment leasing products, oil & gas investments, and real estate investment trust investments. FINRA Arbitration No. 16-00197 (Apr. 10, 2016).
Moreover, a customer was awarded $27,000.00 in damages according to an investment related arbitration claim involving Knowlton’s wrongful conduct, based upon findings that Knowlton negligently handled the customer’s private placement, real estate investment trust and equipment leasing products transactions. FINRA Arbitration No. 16-01390 (Apr. 5, 2017). The FINRA Arbitration Panel found Knowlton to be negligent for providing the customer misleading investment projections, which induced the customer’s securities purchase; and found that IMS failed to train and supervise Knowlton’s activities involving the customer.
Afterward, a customer initiated investment related arbitration claim involving Knowlton’s conduct was settled for $67,250.00 in damages founded on allegations of negligence, unsuitable recommendations and fraud. FINRA Arbitration No. 16-03410 (Nov. 7, 2017). Knowlton is also the subject of a customer initiated investment related written complaint on May 12, 2017, in which the customer requested $300,000.00 in damages based upon accusations including the violation of federal securities laws and state blue sky laws; selling away; fraudulent misrepresentation; suitability; and churning of the customer’s investment portfolio.
Knowlton’s registration with IMS Securities, Inc. was terminated on November 14, 2017.
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