Steven Arnold & Michael Steinthal: Quincy Advisors Land Complaints

Chicago, Illinois financial advisors Steven Arnold (CRD# 710263) and Michael Steinthal (CRD# 435071) have received investor complaints alleging that their advice resulted in damages. Financial Industry Regulatory Authority records show that each is registered as a broker with Quincy Wells Capital.

Mr. Arnold’s BrokerCheck report discloses one investor complaint. Filed in January 2026, it alleges that as a representative of Emerson Equity, he breached contract, violated securities laws, and failed to comply with Regulation Best Interest. The ending complaint alleges damages of $100,000.

Mr. Steinthal’s BrokerCheck report discloses one recent investor complaint. Filed in 2025, it alleges that as a representative of Great Point Capital, he recommended an unsuitable Delaware Statutory Trust investment as part of a 1031 exchange, conducted inadequate due diligence, and breached his fiduciary duty. The pending complaint alleges damages between $100,000 and $500,000.

One of the most vital securities industry standards is the one established by the Investment Advisers Act of 1940, which stipulates that advisors must uphold a fiduciary duty to their clients. In essence, this means that they may not place their own interests ahead of the investor’s. Among other things, the fiduciary standard requires advisers to fully and fairly disclose potential conflicts of interest that might render their recommendations or advice not disinterested. The SEC’s Regulation Best Interest establishes a similar requirement, specifically obliging representatives to “make full and fair disclosure to the retail customer of all material facts relating to conflicts of interest that are associated with the recommendation” at the time they make it. Representatives who violate these standards may be subject to disciplinary action or found liable for damages.

According to the Financial Industry Regulatory Authority, Steven Arnold holds 43 years of securities industry experience. Based in Chicago, Illinois, he has been registered as a broker with Quincy Wells Capital since May 2026, and his past registrations include Great Point Capital, Modern Private Equity Partners, Emerson Equity, Lighthouse capital, and DFPG Investments. Mr. Steinthal, meanwhile, is also based in Chicago. He has been registered with Quincy Wells Capital since May 2026 and his past registrations include Great Point Capital, Primex, Capwest Securities, United Securities Alliance, and VSR Financial Services. (Information current as of June 21, 2026.)

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