CUNA Brokerage Services

Broker Kyle Steibel in Cuna Brokerage Services, INC. Firm Has Customer Complaint

August 11, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Kyle Steibel (Steibel), previously associated with Cuna Brokerage Services, INC., has at least one disclosable event. These events include one customer complaint, alleging that Steibel recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $25,200.71 on November 28, 2023.

Customer claimed Mr. Steibel told them him it was not possible to open a retirement account at his credit union. Customer wanted an account that was more accessible.

There are Recent Customer Complaints with Broker Robert Chastain in Firm Cuna Brokerage Services, INC.

July 9, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Robert Chastain (Chastain), previously associated with Cuna Brokerage Services, INC., has at least one disclosable event. These events include one customer complaint, alleging that Chastain recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $11,312.00 on September 06, 2023.

Client alleges he should have been invested in the S&P 500 and was told his annuity investments were protected against loss. It was found that a guaranteed minimum accumulation benefit form was completed for the variable annuity contract, but was never submitted to the annuity carrier for processing.

Advisor Stacy Cheney-Jamison Sanctioned Over Private Investment Sales

September 9, 2018 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) advisor Stacy Cheney-Jamison (Cheney-Jamison), a/k/a Stacy Cheney, Stacy Edwards, Stacy Kuczynski, and Stacy Sang was formerly associated with CUNA Brokerage Services, Inc. (CUNA) in Boca Rotan, Florida was barred by FINRA concerning allegations that Cheney-Jamison sold investments away from her firm.

In May 2018 FINRA found that Cheney-Jamison consented to the sanctions and to the entry of findings that she refused to provide information requested by FINRA in connection with its investigation into allegations regarding her involvement in private securities transactions and falsification of client account forms. In addition, in March 2018 a customer filed a complaint alleging multiple violations of the securities laws and claiming $350,000 in damages.

The allegations concerning private securities transactions are often accompanied by claims of engaging in outside business activities. Private securities transactions is a practice known in the industry as “selling away” – a serious violation of the securities laws.

At this time, the selling away claims against Cheney-Jamison are unclear as to the exact nature and extent of the activity. Cheney-Jamison does not have any outside business disclosures on her public record

Matthew Paolucci Subject to Multiple Customer Complaints Alleging Unsuitable Investments

July 4, 2018 | by Staff Attorney

The securities attorneys at Gana Weinstein LLP are investigating claims against CUNA Brokerage Services, Inc. (CUNA Brokerage) broker Matthew Paolucci (Paolucci). According to BrokerCheck records, Paolucci has been subject to three customer complaints, one of which is still pending. The majority of these complaints concern recommendations of unsuitable investments.

Most recently, in September 2017, a customer alleged that from 2008 to 2015, Paolucci recommended unsuitable investments from a wide range of securities. The customer has requested $200,000 in damages. This dispute is currently still pending.

In July 2016, a customer alleged that in 2012, Paolucci recommended unsuitable recommendations in oil and gas securities. The customer requested $18,829.27 in damages.

Broker Investigation: Claims Against Broker Swan Sihua Shen

April 25, 2017 | by Staff Attorney

The securities lawyers of Gana Weinstein LLP are investigating customer complaints filed with The Financial Industry Regulatory Authority’s (FINRA) against broker Swan Sihua Shen (Shen) also known as Swan Sihua Zhang. According to BrokerCheck records there are at least six disclosures on Shen’s record including customer complaints, multiple regulatory actions, and one employment separation from CUNA Brokerage Services.

The most recent regulatory action against Shen was filed by the Maine office of Securities in October 2016 alleging that she failed to disclose history records so as a result was ordered for heightened supervision for 2 years.

In February 2015, the State of Massachusetts filed a claim against Swan Shen alleging that she repeatedly violated firm policies by copying and pasting client signatures, and altering forms which was precipitated by her termination from CBS in August 2013.

Broker Ismail Elmas Terminated Over Outside Business Activities

September 22, 2014 | by Staff Attorney

According to broker Ismail Elmas’ (Elmas) Financial Industry Regulatory Authority (FINRA) BrokerCheck records the representative was recently discharged from CUSO Financial Services, LP (CUSO Financial) concerning allegations that the broker “converted client funds for personal use as well as participated in an unauthorized outside business activity involving investments without the firm approval…” Previously Elmas was associated with CUNA Brokerage Services, Inc.

Shortly thereafter, a customer filed a complaint against Elmas alleging that the broker took the client’s variable annuity contract, surrendered it, and sent the proceeds to a third-party – which the client says was unauthorized activity. In addition, since Elmas was terminated from CUSO Financial authorities have been unable to locate the broker. In articles, officials say that Elmas, 49, has been missing since July 29^th and have warned that Elmas may be armed and should not be approached. According to reports Elmas was last seen leaving his home in his gray 2008 Toyota Prius.

The allegations against Elmas are consistent with a “selling away” securities violation. Selling away occurs when a financial advisor solicits investments in companies or promissory notes that were not approved by the broker’s affiliated firm. Under the FINRA rules, a brokerage firm owes a duty to properly monitor and supervise its employees. In order to properly supervise their brokers each firm is required to establish and maintain a system to supervise the activities of each registered representative to achieve compliance with the securities laws. Selling away often occurs in environments where the brokerage firms either fails to put in place a reasonable supervisory system or fails to actually implement that system and meet supervisory requirements.