Steven Douglas Schisler of Grass Valley California a stockbroker formerly registered with IFS Securities is the subject of a Financial Industry Regulatory Authority (FINRA) investigation where the regulator believes that disciplinary action should be pursued against Schisler for allegedly providing unsuitable investment recommendations to customers in violation of FINRA Rules 2010 and 2111(a). FINRA Case No. 20180587186 (Oct. 8, 2020).
On June 13, 2019, FINRA launched an investigation into Schisler’s activities to assess whether he violated FINRA Rules 2010 and 2081. FINRA Case No. 20180587186. The regulator is trying to determine whether he made arrangements with a customer to resolve their dispute so long as they would not oppose his petition to expunge the complaint from FINRA Public Disclosure. The investigation also focuses on whether Schisler caused a customer to make a false statement in this respect. The regulator additionally indicates that he may have falsely testified under oath. FINRA suggested that Department of Enforcement pursue disciplinary action against him for these reasons.
In another investigation that began on May 8, 2020, FINRA is determining whether he engaged in private securities transactions in violation of FINRA Rule 2010 and National Association of Securities Dealers (NASD) Rule 3040. FINRA Case No. 20180587186. The regulator indicates that the stockbroker possibly breached a contract with a customer in violation of FINRA Rules 2010. He is also under suspicion of having violated FINRA Rules 2010 and 1122 because of his potential failure to report an outside business activities activity and because of his involvement in both a customer initiated investment related FINRA securities arbitration claim and investment related civil action. The regulator also reveals that Schisler may have violated FINRA Rules 2010 and 8210 by possibly lying while testifying for FINRA personnel.
Schisler is additionally the subject of two investment related disputes. FINRA Public Disclosure confirms that a customer filed an investment related complaint involving his activities in which they requested compensatory damages supported by accusations of Schisler having misrepresented fixed annuity policy features and policy loans during the period that he was associated with Washington Square Securities.
On June 2, 2017, another investor filed a civil action involving Schisler’s conduct where they requested compensatory damages founded on allegations of a breach of fiduciary duty by Schisler with respect to a real estate transaction effected through IFS Securities Inc. Civil Action CU17-082183. The civil action also alleges that the customer’s assets were misappropriated.
Schisler was registered with IFS Securities between June 1, 2012 and September 9, 2019.
