Shawn Steadman: David Lerner Advisor Faces $50K Complaint

A recent investor complaint against White Plains, New York financial advisor Shawn Steadman (CRD# 6534547) alleges that he misrepresented and recommended unsuitable investments. Financial Industry Regulatory Authority records show that he is registered as a broker with David Lerner Associates.

Mr. Steadman’s BrokerCheck report discloses one investor complaint. Filed in August 2026, it alleges that as a representative of David Lerner Associates, he breached his fiduciary duty, made misrepresentations and omissions of material facts, and recommended unsuitable investments in an Energy 12 private placement. The pending complaint alleges damages of $50,000.

FINRA rules stipulate that broker-dealers and their representatives, like Mr. Steadman, must follow the suitability standard. As FINRA Rule 2111 establishes, this standard holds that brokers may only recommend their customers investments and strategies that are appropriate for the customers’ individual investment profiles, based on reasonable diligence of the investments and the profiles. An investor’s profile includes information like their investment objectives, investment experience, risk tolerance, net worth, income, and more. The suitability standard is not to be confused with the fiduciary standard which investment advisers must follow, requiring that they place the investor’s interests above their own.

According to the Financial Industry Regulatory Authority, Shawn Steadman holds 10 years of securities industry experience. Based in White Plains, New York, he has been registered as a broker with David Lerner Associates since 2015. His credentials include the passage of three securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7; and the Uniform Securities Agent State Law Examination, or Series 63. He holds 15 state licenses. (Information current as of August 30, 2026.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.