Steven McCormick: FINRA Bars Osaic Advisor

Simi Valley, California financial advisor Steven McCormick (CRD# 5059233) was recently barred by FINRA in connection with alleged rule violations. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor Osaic Wealth, having previously been registered with Woodbury Financial Services.

A Letter of Acceptance, Waiver, and Consent (No. 2023077823001) released by FINRA describes its recent disciplinary action against Mr. McCormick. Filed in October 2024, it alleges that he refused to provide documents and information requested by FINRA as part of an investigation that “originated from a complaint” made to the regulator. As the AWC Letter explains, FINRA Rule 8210 requires brokers to provide FINRA with information involved in matters under its investigation. The rule also forbids brokers from refusing to provide information pursuant to the rule.

The regulator sent Mr. McCormick a request for information and documents on September 24, 2024, the Letter states. On October 3, 2024, he informed FINRA via counsel that he had received the request but refused to comply. FINRA found that his refusal violated Rule 8210 as well as Rule 2010, which stipulates that brokers must observe high standards of commercial honor and just and equitable principles of trade in the course of their business. As such, it barred him from associating with any member firm in any capacity.

According to the Financial Industry Regulatory Authority, Steven McCormick holds 18 years of securities industry experience. Based in Simi Valley, California, he has been registered as a broker and an investment advisor Osaic Wealth since January 2024. His past registrations include Woodbury Fianncial Services, Questar Capital Corporation, Wescom Financial, Chase Investment Services, Wamu Investments, and Citicorp Investment Services. His credentials include the passage of four securities industry qualifying exams: 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 is licensed in Arizona, California, Florida, Idaho, Montana, Nevada, and Texas. (Information current as of October 22, 2024.)

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