Former Baton Rouge, Louisiana-based LPL Financial broker Patrick Coogan (CRD# 4576580) has been barred by the Financial Industry Regulatory Authority...Read More
Stephen Hurtuk: FINRA Bars Boardman, Ohio Financial Advisor
A disciplinary action taken by the Financial Industry Regulatory Authority against former Boardman, Ohio broker and investment advisor Stephen Hurtuk (CRD# 5653949) barred him after finding he failed to cooperate with an investigation into allegations of unsuitable trading. A former representative of Stifel Nicolaus & Company, Hurtuk was barred from acting as a broker or otherwise associating with a broker-dealer firm.
According to a Letter of Acceptance, Waiver and Consent (No. 2016051215301) dated October 2018, FINRA sent Stephen Hurtuk a request on June 27, 2017 to provide on-the-record testimony connected to the regulator’s investigation “into potentially unsuitable recommendations” he made to eight customers in a period beginning May 2015 and ending September 2016. FINRA’s findings go on to state that he indicated to FINRA staff in a July 16 telephone call that he was in receipt of FINRA’s request but would not appear for the requested testimony “at any time.” FINRA’s findings state that this refusal constituted a violation of FINRA Rule 8210, which provides FINRA the right to require associated persons to provide testimony regarding matters under its investigation, and FINRA Rule 2010, which concerns standards of commercial honor and just and equitable principles of trade. As a result of the foregoing alleged conduct, Hurtuk was barred from associating with any FINRA member firm in all capacities.
Stephen Hurtuk’s disclosure records also list five settled customer complaints against him. A 2018 complaint, for instance, alleged that her account at Stifel Nicolaus & Company was not rated for the proper risk tolerance; the complaint reached a settlement of $15,000. Another 2018 complaint alleged that as a representative of Stifel Nicolaus & Company, he breached his fiduciary duty and recommended speculative stock investments; the complaint reached a settlement of $26,500. A 2017 complaint alleged that as a representative of Stifel Nicolaus & Company, he concentrated the accounts in two securities, resulting in losses; the complaint reached a settlement of $25,000. And another 2017 complaint alleged that as a representative of Stifel Nicolaus & Company, he failed to diversify the customer’s portfolio and invested the account in speculative equity investments; the complaint reached a settlement of $145,000.
Stephen Hurtuk is currently not registered as a broker or investment advisor. His employment history includes Stifel Nicolaus & Company in Boardman, Ohio; Citigroup Global Markets in Canfield, Ohio; and Merrill Lynch in New York, New York. He currently holds zero state licenses and has passed four securities industry qualification examinations.