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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.)

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.

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