Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Steve Moise (Moise), previously associated with Joseph Stone Capital L.l.c., has at least one disclosable event. These events include one regulatory event, alleging that Moise recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on June 24, 2024.
Without admitting or denying the findings, Moise consented to the sanctions and to the entry of findings that he willfully violated the Care Obligation of Rule 15l-1 of the Securities Exchange Act of 1934 (Regulation Best Interest or Reg BI) by recommending a series of transactions in a customer’s account that was excessive and not in the customer’s best interest. The findings stated that Moise recommended that the customer execute 199 trades in the account over the next several months. On several occasions, Moise recommended that the customer sell a security shortly after purchasing it, causing the customer to suffer a realized loss but generating commissions for Moise. The customer suffered realized losses and paid more than $52,000 in commissions and trade costs. Moise’s member firm settled with the customer through mediation.