Steven Karol: Ex-Joseph Stone Advisor Receives $141K Complaint

New York financial advisor Steven Karol (CRD# 7192377), also known as Szczepan Kosmaczewski and Steven Kostis, recently received an investor complaint alleging he made unauthorized transactions. Records maintained by the Financial Industry Regulatory Authority show that he is currently registered as a broker and an investment advisor with Craft Capital Management, having previously been registered with Joseph Stone Capital.

Mr. Karol’s BrokerCheck report discloses one investor complaint. Filed in November 2022, it alleges that as a representative of Joseph Stone Capital, he generated excessive commissions and engaged in unauthorized trading activity. The pending complaint alleges damages of $141,476.36.

In a statement included with the pending complaint’s disclosure, Mr. Karol defended himself against the allegations. “This complaint was brought by Cold Spring Advisory a known NAR solicitation mill,” he wrote. “I deny vehemently deny the allegations of the complaint. The customer is a sophisticated investor with a speculative investment objective, and he was fully aware and authorized any and all transactions in the account.”

According to the Financial Industry Regulatory Authority, Steven Karol holds two years of securities industry experience. Based in New York, New York, he has been registered with Craft Capital Management since March 2022 and is also known as Szczepan Kosmaczewski and Steven Kostis. His registration history includes Joseph Gunnar & Company (New York, New York; 2021-2022), Joseph Stone Capital (Mineola, New York; 2020-2021), and Worden Capital Management (New York, New York; 2020). His credentials include the passage of three securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7TO; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in Arizona, California, Connecticut, Florida, Georgia, Idaho, Illinois, Iowa, Maryland, Michigan, Minnesota, Nevada, New Jersey, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Texas, Virginia, Washington, and Wisconsin. (Information current as of May 3, 2023.)

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