Securities Lawyers Blog
According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Stephen Sullivan (Sullivan), previously associated with Spartan Capital Securities, LLC, has been subject to at least one disclosable event. These events include one regulatory event. Several of those complaints against Sullivan concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.
FINRA BrokerCheck shows a final customer complaint on April 30, 2024.
Sullivan was named a respondent in a FINRA complaint alleging that he failed to provide on-the-record testimony requested by FINRA in connection with its investigation into his potential churning and excessive trading in customers’ accounts while he was registered with a member firm. The complaint alleges that Sullivan terminated the on-the-record testimony before FINRA had completed its questioning and he failed to appear to complete his on-the-record testimony. The complaint also alleges that Sullivan failed to provide information and documents requested by FINRA in connection with its investigation. Sullivan’s refusal to appear to complete his on-the-record testimony and failure to respond to information and document requests significantly impeded the completion of FINRA’s investigation into his potential misconduct.
