IBN Financial Services, Inc. broker Richard Stevens (CRD# 852090) faces a customer complaint related to real estate investment losses. He has been registered with IBN Financial Services, Inc. in Liverpool, New York, since 2013. Previously, he was registered with Gradient Securities, LLC in Valley Cottage, New York, from 2012 to 2013, and with First Allied Securities, Inc. in Valley Cottage, New York, from 2007 to 2012, when he was terminated regarding, “registered representative violated firm policy by participating in an unapproved outside business activity.” Previously, he was registered with Centaurus Financial, Inc. in Honesdale, Pennsylvania, from 1999 to 2007, and with EQ Financial Consultants, Inc. in New York, New York, from 1985 to 1999, when he was terminated regarding, “that I forged signatures on 3 New York state replacement forms, however, I never signed the original applications.”
In November 2000, the National Association of Securities Dealers, Inc. sanctioned him to pay a $5,000 monetary fine after it was found that he “forged the signatures of clients on insurance replacement forms without their prior knowledge or consent.”
Richard Stevens Customer Complaints
He has been the subject of one customer complaint, according to his CRD report:
July 2022. “Unsuitable product recommendation, insufficient product due diligence.” The customer is seeking $4,300,000 in damages, and the case is currently pending. The complaint was regarding Delaware Statutory Trusts (DST) investment losses, a type of real estate investment. The complaint took place while he was registered with IBN Financial Services, Inc.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, IBN Financial Services, Inc. may be liable for investment or other losses suffered by Richard Stevens’ customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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