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Unauthorized Trading Complaint Against PHX Advisor Steven Busto
Hauppage, New York financial advisor Steven Busto (CRD# 2522780) allegedly made unauthorized transactions, according to a recent investor complaint. Financial Industry Regulatory Authority records show that he is a broker with PHX Financial.
Mr. Busto’s BrokerCheck report discloses several investor complaints. The most recent, filed in September 2022, alleges that as a representative of PHX Financial, he made unauthorized transactions. The pending complaint alleges damages of $84,045.
An earlier investor complaint, filed in 2011, alleged that as a representative of First Midwest Securities, he failed to supervise another broker. In 2012 the complaint reached a settlement of $35,000.
A third investor complaint, filed in 2004, alleged that as a representative of Gunnallen Financial, he made misrepresentations of material facts relating to investments in unspecified securities. The complaint evolved into an arbitration proceeding before a FINRA panel, which issued an award to the customer of $250.
According to the Financial Industry Regulatory Authority, Steven Busto holds 28 years of securities industry experience. Based in Hauppage, New York, he has been a broker with PHX Financial since 2015. His past registrations include Royal Alliance Associates (Smithtown, New York; 2015), First Midwest Securities (Smithtown, New York; 2007-2015), Emmett A. Larkin Company (Smithtown, New York; 2007), ITradeDirect.com (Hauppage, New York; 2005-2007), Gunnallen Financial (Tampa, Florida; 2002-2005), Seaboard Securities (Florham Park, New Jersey; 1998-2002), and Gaines Berland (Bethpage, New York; 1994-1998). His credentials include the passage of seven 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; the Uniform Investment Adviser Law Examination, or Series 65; and the Uniform Combined State Law Examination, or Series 66. He holds 31 state licenses. (Information current as of October 28, 2022.)
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