Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Steven Work (Work), currently associated with Citigroup Global Markets INC., has at least one disclosable event. These events include one customer complaint, alleging that Work 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 $150,000.00 on June 13, 2023.
Claimant asserts that in March 2021 he sold shares of an equity short with assurance by CGMI through financial advisor, Steven Work, that the margin requirement would be 50% but a margin call several days after the trade was placed was executed at 100% of Claimant’s position, resulting losses in excess of $150,000 after denying time to effect a cash cover to avoid the margin call.