Stephen Hurtuk of Boardman Ohio a stockbroker formerly registered with Stifel Nicolaus Company has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate in a FINRA investigation into allegations of his unsuitable investment recommendations to customers. Letter of Acceptance Waiver and Consent No. 2016051215301 (September 5, 2018).
According to the AWC, on June 27, 2017, during an investigation into Hurtuk’s sales practices, FINRA requested that Hurtuk provide recorded testimony in reference to Hurtuk’s possible unsuitable investment recommendations to eight Stifel Nicolaus customers from May of 2015 to September of 2016. The AWC stated that Hurtuk spoke with FINRA staff on July 16, 2016, indicating that he understood FINRA’s request but would not be providing testimony at any time. FINRA found Hurtuk’s failure to testify to be violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure reveals that Hurtuk is referenced in at least seven customer initiated investment related disputes pertaining to accusations of his violative conduct during the time that he was associated with Stifel Nicolaus and Merrill Lynch. Specifically, on January 20, 2004, a customer filed an investment related complaint regarding Hurtuk’s conduct where the customer requested $49,000.00 in damages founded on allegations that Hurtuk poorly advised the customer concerning mutual fund investments.
On September 16, 2016, another customer initiated investment related complaint concerning Hurtuk’s activities was settled for $99,658.18 in damages supported by accusations of unsuitable preferred stock trades being executed by Hurtuk in the customer’s account. On October 4, 2017, a customer initiated investment related complaint involving Hurtuk’s conduct was resolved for $145,000.00 in damages based upon allegations that Hurtuk over-concentrated the customer’s assets in speculative equities. Further, on January 2, 2018, a customer initiated investment related complaint regarding Hurtuk’s activities was settled for $25,000.00 in damages founded on accusations that Hurtuk failed to diversify the customer’s investments, causing the customer losses on equities and direct investment products.
Then, on July 17, 2018, a customer initiated investment related complaint concerning Hurtuk’s conduct was resolved for $15,000.00 in damages supported by allegations of suitability concerning the customer’s equity investments; the customer’s investment objectives were apparently misclassified as moderately aggressive. Further, on July 31, 2018, a customer initiated investment related complaint involving Hurtuk’s activities was settled for $25,000.00 in damages based upon accusations that Hurtuk breached a fiduciary duty to the customer by effecting risky equity trades.
Stifel Nicolaus terminated Hurtuk’s registration on October 24, 2017.
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