Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Steven Kurvach (Kurvach), previously associated with Sage, Rutty & Co., INC., has at least one disclosable event. These events include one customer complaint, alleging that Kurvach recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a settled customer complaint on January 15, 2026.
The relationship with Kurvach began November 2022, with [REDACTED] holding a highly concentrated portfolio, notably with a Eli Lilly position. Over multiple meetings between November 2022-April 2024, her Advisor, Kurvach, reviewed the large, unrealized gains and advised holding the positions to avoid capital gains taxes. Limited trims were made elsewhere, but the core holdings remained intact. The relationship at the time was brokerage. [REDACTED] frequently contacted the firm with questions on account activity, statements, and market conditions. In March 2025, due to market concerns and concentration risk, she requested changes to reduce overexposure. During a March 2025 meeting with Kurvach and her POA, it was agreed to place good-til-cancel orders on portions of the Eli Lilly position, consult a CPA, set aside funds for taxes, and reinvest remaining proceeds into a defensive portfolio. Kurvach entered those orders, which executed between March 31-April 7. The sales generated approximately $220,000 in proceeds and $54,000 in long-term capital gains, with roughly $166,000 remaining uninvested. Account changes were also made, moving into an Advisory style relationship and giving Kurvach discretion over the account. He failed to contact the CPA or reinvest sale proceeds. In April 2025, [REDACTED] inquired about remaining shares and acknowledged satisfaction with the balance. Monthly statements reflecting uninvested cash were sent and reviewed by the client, with no documented concerns. Following Kurvach’s departure, a new Advisor assumed the relationship and invested the outstanding proceeds in November after reviewing with [REDACTED]. In January 2026, a written complaint was received. After internal review, the CCO and President met with [REDACTED] and POA to discuss the situation, review their findings regarding Kurvach's actions and offer a settlement. The client accepted, with the funds being issued directly to Ms. [REDACTED]’s investment account on March 24, 2026.