Stephen Brown

Broker Stephen Brown in Merrill Lynch, Pierce, Fenner & Smith Incorporated Firm Has Customer Complaint

March 26, 2026 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Stephen Brown (Brown), previously associated with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has at least one disclosable event. These events include one customer complaint, alleging that Brown 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 $100,000.00 on October 13, 2020.

The customer alleges that in November 2013, the registered associate failed to obtain the proper form to withdraw funds from the intended Individual Retirement Account. Instead, the withdrawal came from of an annuity that was not to be drawn upon until a certain age in order to receive a guaranteed rate.

There are Recent Customer Complaints with Broker Stephen Brown in Firm First Command Brokerage Services, INC.

November 24, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Stephen Brown (Brown), currently associated with First Command Brokerage Services, INC., has at least one disclosable event. These events include one customer complaint, alleging that Brown 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 $9,122.27 on May 23, 2022.

Plaintiff [REDACTED] filed a complaint in the US District Court for the Eastern District of Virginia, Alexandria Division, claiming damages of $9,122.27 plus punitive fees, etc. The plaintiff alleges defendants (including First Command and Stephen Brown), delayed in assisting him to re-register a joint account after the other joint owner passed away, which resulted in losses due to market fluctuation.

Broker Stephen Brown in First Command Brokerage Services, INC. Firm Has Customer Complaint

November 18, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Stephen Brown (Brown), currently associated with First Command Brokerage Services, INC., has at least one disclosable event. These events include one customer complaint, alleging that Brown 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 $9,122.27 on May 23, 2022.

Plaintiff [REDACTED] filed a complaint in the US District Court for the Eastern District of Virginia, Alexandria Division, claiming damages of $9,122.27 plus punitive fees, etc. The plaintiff alleges defendants (including First Command and Stephen Brown), delayed in assisting him to re-register a joint account after the other joint owner passed away, which resulted in losses due to market fluctuation.

Former LPL Financial Broker Stephen Brown Accused of Selling Private Real Estate Investments

December 3, 2013 | by Staff Attorney

The Financial Industry Regulatory Authority (FINRA) recently barred broker Stephen Michael Brown (Brown) for failing to comply with FINRA’s requests for information concerning allegations that Brown engaged in the unlawful sale of securities. Specifically, at least two customers had brought complaints against Brown alleging that Brown had solicited them to invest in private real estate investments in violation of industry rules.

Brown was formerly registered with FINRA firm LPL Financial Corporation (LPL Financial) from 1989 through May 2009. Thereafter, Brown became associated with Brewer Financial Services, LLC until November 2010. Finally, from November 2010, until May 2011, Brown was an associated person of Best Direct Securities, LLC (Best Direct) a currently inactive FINRA firm. Brown’s public disclosures list Brown as the owner of Steve Brown Ent., a company engaged in real estate business.

The accusations made against Brown are consistent with a “selling away” securities violation. Brokers are required to have their firms approve all securities transactions they participate in, even private financial transactions. Thus, when a broker fails to notify the firm of securities activities he or she “sells away” from the firm. Selling away is prohibited under FINRA Rule 3040, as well as other securities laws. The most common securities products solicited in selling away schemes are private placements and promissory note.