Richard Stevens: $4.3 Million Complaint Against IBN Financial Advisor

Valley Cottage, New York financial advisor Richard Stevens (CRD# 852090) recently received an investor complaint alleging that his conduct resulted in more than $4 million in damages. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with IBN Financial Services, and that he is also based out of the firm’s office in Liverpool, New York. 

Mr. Stevens’ BrokerCheck report discloses one investor complaint. Filed in May 2022, it alleges that as a representative of IBN Financial Services, he recommended an unsuitable investment and performed insufficient due diligence on the product. The pending complaint alleges damages of $4.3 million.

A second disclosure on Mr. Stevens’ BrokerCheck report describes his 2012 firing by First Allied Securities. According to the disclosure, his registration was terminated in connection with allegations that he “violated firm policy by participating in an unapproved outside business activity.”

In 2000, according to a third disclosure, the National Association of Securities Dealers sanctioned Mr. Stevens in connection with findings he forged client signatures on insurance replacement documents “without their prior knowledge or consent.” He was fined $5,000 and issued a 30-day suspension. Alleged forgeries were also connected with his 1999 firing from EQ Financial Consultants, according to a fourth disclosure that states the firm fired him over allegations he “forged signatures on 3 New York State replacement forms.” In a comment on the disclosure, he wrote that “Based upon an 11 year relationship with the client, I assumed I could sign the redundant New York replacement form, although I should have called to get verbal authorization before doing so.”

According to the Financial Industry Regulatory Authority, Richard Stevens holds 37 years of securities industry experience. Based in Liverpool and Valley Cottage, New York, he has been a broker and an investment advisor with IBN Financial Services since 2013 and 2021, respectively. His past registrations include Gradient Securities, First Allied Securities, and Centaurus Financial. His credentials include the passage of seven securities industry qualifying exams: the Registered Representative Examination, or Series 1; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Direct Participation Programs Representative Examination, or Series 22; the Corporate Securities Limited Representative Examination, or Series 62; 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 holds licenses in California, Connecticut, Florida, New Jersey, New York, and Pennsylvania. (Information current as of December 7, 2022.)

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