Dave Stephens: MassMutual Advisor Faces REC Complaint

Virginia Beach, Virginia financial advisor Dave Stephens (CRD# 4631818) recently received an investor complaint alleging that his advice resulted in financial harm. Financial Industry Regulatory Authority records show that he is currently registered as a broker and an investment advisor with MassMutual.

Mr. Stephens’ BrokerCheck report discloses one investor complaint. Filed in April 2024, it alleges that as a representative of MassMutual, he recommended investments in Renewable Energy Credits that “were not the tax savings investments they were sold as” and that “harmed financially” the customer. The pending complaint alleges unspecified damages.

MassMutual’s website includes a profile of Mr. Stephens that describes his qualifications and approach. “My background, experience and commitment to providing you with the resources you need to make financial decisions, can help make your financial future as successful as you need it to be,” it states. “I pride myself in getting to know each client so that I can understand their individual needs and what matters most to them. This helps me recommend products and strategies designed to meet their current needs, and more importantly, their future needs.”

According to the Financial Industry Regulatory Authority, Dave Stephens holds 21 years of securities industry experience. Based in Virginia Beach, Virginia, he has been a broker and an investment advisor with MassMutual since 2006 and 2013, respectively. His past registrations include Park Avenue Securities (Virginia Beach, Virginia; 2003-2006) and Royal Alliance Associates (Jersey City, New Jersey; 2003). His credentials include the passage of four securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in Florida, Illinois, Maryland, New Jersey, North Carolina, and Virginia. (Information current as of April 27, 2024.)

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