Shaun Stein: $722K Complaint Against Ex-National Securities Advisor

Jersey City financial advisor Shaun Stein (CRD# 4873578) recently received an investor complaint alleging that his advice resulted in six-figure damages. Financial Industry Regulatory Authority records show that he is a broker with B. Riley Wealth Management, having previously been registered with National Securities Corporation.

Mr. Stein’s BrokerCheck report discloses three investor complaints. The most recent, filed in December 2023, alleges that as a representative of National Securities Corporation, he caused “excessive trading losses.” The pending complaint alleges damages of $722,528.

In a statement included with the pending complaint’s disclosure, Mr. Stein described the allegations as “baseless,” adding that he plans to defend himself “vigorously” against them. “This customer is a qualified purchaser, has a high net worth, and was suitable for all transactions done in the account, he wrote. “This client is an extremely sophisticated investor, and the transactions done in customer account were in line with his suitability and objectives.”

A second investor complaint, filed in 2020, alleged that he recommended unsuitable private placements and other investments while a representative of National Securities Corporation. In 2021 the complaint reached a settlement of $20,000. “Client claims are false and completely baseless,” he wrote in a complaint included with the disclosure. “These accusations will be vigorously defended to the fullest potential.”

A third investor complaint, also filed in 2020, alleged that he recommended an unsuitable private placement. In 2021 the complaint reached a settlement of $25,000.

According to the Financial Industry Regulatory Authority, Shaun Stein holds 19 years of securities industry experience. Based in Jersey City, New Jersey, he has been a broker registered with B. Riley Wealth Management since July 2022. His past registrations include National Securities Corporation (Jersey City, New Jersey; 2014-2022), Meyers Associates (New York, New York; 2014), Alexander Capital (Red Bank, New Jersey; 2012-2014), JP Turner & Company (Red Bank, New Jersey; 2009-2012), National Securities Corporation (Staten Island, New York; 2008-2009), and Joseph Stevens & Company (Old Bridge, New Jersey; 2004-2008). His credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He holds 43 state licenses. (Information current as of January 14, 2024.)

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