Steven Dwayne Musielski of Anaheim, California, a stockbroker formerly employed by Cambria Capital LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded upon findings that Musielski failed to comply with a FINRA investigation into allegations of his unsuitable and excessive trading during the time that he was associated with Cambria Capital. Letter of Acceptance Waiver and Consent No. 2021070896602 (November 9, 2021).
According to the AWC, Musielski was investigated regarding his possible sales practice violations while at Cambria Capital. On September 24, 2021, Musielski was asked by FINRA to hand over documents and information that pertained to his trading in customer accounts. Musielski’s trading was reviewed for excessive trading and unsuitable trading of leveraged and inverse-leveraged securities and discretionary trading without written authorization from a customer.
Musielski’s lawyer told FINRA on October 6, 2021, that Musielski received the request for his information and documents. Musielski refused to cooperate with the request. FINRA determined that Musielski’s failure to comply showed that he violated FINRA Rules 2010 and 8210. He was barred by the regulator for this reason alone.
Musielski has been identified in three additional customer initiated investment related disputes containing allegations of his misconduct while employed by GunnAllen Financial and JP Turner Company LLC. FINRA Public Disclosure reveals that a customer filed an investment related complaint concerning Musielski’s activities where the customer sought $186,000.00 in damages supported by accusations of unsuitable over-the-counter equities transactions in the customer’s account when Musielski was registered with GunnAllen Financial.
Musielski is also the subject of a customer initiated investment related written complaint where the customer requested $70,000.00 in damages based upon allegations that Musielski placed them in unsuitable stocks while he was employed by GunnAllen Financial. Another customer filed an investment related complaint regarding Musielski’s conduct in which the customer sought $15,000.00 in damages founded upon accusations that Musielski made misrepresentations to the customer regarding over-the-counter equities. The complaint also alleges unauthorized trading by Musielski during the time that he was associated with JP Turner Company.
FINRA Public Disclosure additionally reveals that Musielski’s registrations as a stockbroker with two securities broker dealers have been terminated based on allegations of his wrongdoing. He was permitted to resign from PaineWebber Inc. supported by accusations of violating state blue sky laws. He voluntarily resigned from Cambria Capital based upon allegations that he used time and price discretion for longer than he was allowed.