Tamara Rae Steele (also known as Tammie Steele) of Pendleton Indiana a stockbroker formerly registered with APW Capital Inc. (now known as Comprehensive Asset Management and Servicing Inc.) has been referenced in a customer initiated investment related arbitration claim in which the customer requested $353,500.00 in damages supported by allegations that the customer was sold unregistered securities issued by BRS Labs through Steele. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-01590 (June 6, 2019).
FINRA Public Disclosure reveals that Steele has been referenced in twelve more customer initiated investment related disputes concerning accusations of her wrongdoing during the time that she was associated with securities broker dealers including Comprehensive Asset Management and Servicing. On November 1, 2018, a customer filed an investment related complaint in reference to Steele’s conduct where the customer sought $60,000.00 in damages based upon accusations that the customer was poorly advised by Steele and that misrepresentations were made to the customer about purchases of unlisted stock and a promissory note.
On December 26, 2018, a customer initiated investment related arbitration claim involving Steele’s conduct was settled for $54,932.00 in damages based upon allegations of unregistered and non-exempt securities sales which ran afoul of FINRA and NYSE rules and the Indiana Securities Act. FINRA Arbitration No. 18-02099. According to the claim, a fiduciary duty that was owed to the customer had been breached by Steele in regard to private securities transactions involving the sale of unregistered securities and a promissory note. The claim also alleges that Steele’s transactions were not suitable for the customer and that the customer’s account had been subject to negligent management.
Steele is referenced in a customer initiated investment related complaint which was resolved on December 26, 2018 for $1,181,449.00 in damages founded on accusations of misrepresentations being made about investments sold to the Comprehensive Asset Management and Services customer. According to the claim, the investments Steele sold did not align with the customer’s objectives for investing.
Steele has also been charged by Securities and Exchange Commission (SEC) with scheming to defraud investors in reference to their purchases of Behavioral Recognition Systems Inc. (now known as Giant Gray Inc.). SEC v. Tamara Steele and Steele Financial Inc. Civil Action No. 1:18-cv-02838-SEB-DLP (S.D. Ind. Sept. 14, 2018).
According to the Complaint, between 2012 and October 2016, investors were steered by Steele towards buying $15,000,000.00 worth of Behavioral Recognition Systems (BRS) which was a company who SEC previously charged with fraud. Steele and her company raked in $2,500,000.00 in warrants and cash from Behavioral Recognition Systems after one hundred twenty investors had been solicited for investments in that company. Steele and Steele Financial allegedly failed to inform those investors about the commissions that would be earned by her in connection with the BRS sales. SEC also indicated that customers were provided phony invoices as part of Steele’s plan to conceal her activities.
SEC alleged that Steele’s conduct constituted violations of Investment Advisers Act of 1940, Securities Act of 1933 Section 17(a), Securities Exchange Act of 1934 Section 10(b), SEC Rule 10b-5 and Securities Exchange Act of 1934 Section 15(a).
Steele was discharged by Comprehensive Asset Management and Servicing on June 13, 2017 based upon accusations of her engaging in securities transactions outside the securities broker dealer’s auspices and without its authorization.