Steven Yellen – Financial Advisor/Broker Steven Yellen Suspended from Securities Industry | Goodman & Nekvasil P.A., May Recover Investor Losses
Steven Yellen CRD #1281663
Steven Yellen was a previously licensed financial advisor with Ameriprise Financial Services, Inc. and Morgan Stanley.
According to FINRA, Steven Yellen was suspended from the securities industry for one year and fined $25,000 in October 2019.
According to FINRA Allegations:
Steven Yellen consented to the sanctions and to the entry of findings that he exercised discretion while associated with a member firm in a customer’s account without written authorization or acceptance of the account as a discretionary account. The findings stated that in connection with this violation, Steven Yellen falsely completed annual compliance questionnaires when he denied having any accounts in which business was transacted on a discretionary basis. The findings also stated that Steven Yellen engaged in unauthorized trading. Steven Yellen established a second account for the customer at his firm, funded the account with a transfer from the customer’s original account, and placed two trades in the second account, all without the customer’s knowledge or authorization. The firm reimbursed the customer for the fees she incurred in connection with the unauthorized trades. After Steven Yellen left his firm and became associated with a new firm, he again engaged in unauthorized trading. Specifically, Yellen entered trades for customers that were beyond the option trading risk levels authorized by the customers. Although the customers suffered no financial harm, Steven Yellen’s actions exposed the customers to the risk of substantial loss. The findings also included that Steven Yellen mismarked options order tickets as unsolicited when they were solicited, causing his new firm’s books and records to be inaccurate. FINRA found that when Steven Yellen moved to the new firm, he took with him non-public personal customer information regarding his previous firm customers, without the customers’ or his previous firm’s consent. As a result, Steven Yellen caused his previous firm to violate the SEC’s Regulation S-P: Privacy of Consumer Financial Information and Safeguarding Personal Information.
Goodman & Nekvasil, P.A. May Recover Investor Losses:
If you lost money on investments with Steven Yellen and believe the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action concerning Steven Yellen’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $180 million on behalf of victimized investors. If you lost money on investments with Steven Yellen and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
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