Stephen Marek: $112K Complaint Against American Pride Advisor

Uniondale, New York financial advisor Stephen Marek (CRD# 2458841) recently received an investor complaint alleging six-figure losses. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Joseph Gunnar & Company, doing business as American Pride Wealth Management.

Mr. Marek’s BrokerCheck report discloses several investor complaints. The most recent, filed in August 2022, alleges that as a representative of Joseph Gunnar & Company, he recommended unsuitable investments and made excessive trades in the account. The pending complaint alleges damages of $112,258.88.

In a statement included in the pending complaint’s disclosure, Mr. Marek “vehemently” denied the allegations. “The customer’s claims are wholly erroneous given his stated investment objectives, expressed desire for higher returns in his account, awareness of the activity and results in his account, and responsibility for the trading decisions in the account,” he wrote. “This action is an example of revisionist history and intellectual dishonesty by a sophisticated client who knowingly and willingly sought and accepted higher returns in his account, and who willingly undertook the risks of investments in his account in the hopes of achieving greater profits for himself. As everyone is aware, there can be no investment guarantees.”

An earlier complaint, filed in 2010, alleged that as a representative of American Capital Partners, he recommended unsuitable investments, committed fraud, churned investments in the account, engaged in negligence, and breached his fiduciary duty. In 2011 the complaint reached a settlement of $55,000.

A third investor complaint, filed in 1999, alleged that as a representative of Lew Lieberbaum, he recommended unsuitable equities. The complaint reached a settlement of $60,000.

According to the Financial Industry Regulatory Authority, Stephen Marek holds 28 years of securities industry experience. Based in Uniondale, New York, he has been a broker and an investment advisor with Joseph Gunnar & Company since 2009 and 2016, respectively. His past registrations include American Capital Partners, Milestone Financial Services, and First Asset Management. His credentials include the passage of six securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Registered Options Principal Examination, or Series 4; the General Securities Representative Examination, or Series 7; 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 38 state licenses. (Information current as of October 5, 2022.)

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