Stephen Sloane, formerly with Westpark Capital and Morgan Stanley, Barred by FINRA
Have you lost money with financial advisor Stephen Sloane? We are looking into allegations made about Sloane from New York, New York. FINRA (the Financial Industry Regulatory Authority) has barred him from the securities industry. FINRA alleged that Stephen Sloane recommended an unsuitable strategy of short-term trading U.S. treasuries with maturities of 10 and 30 years.
Sloane was alleged to have earned $220,000 in compensation by implementing this strategy, while his clients lost over $329,000. Sloane was terminated by Morgan Stanley for this conduct, and he continued the same conduct at his next firm, Westpark Capital. Sloane was ordered to pay $175,000 in restitution to several customers, although since he is barred, it is unlikely that he’ll pay the restitution.
Stephen Sloane was a financial advisor and registered representative of Westpark Capital from March 2016 to August 2020. He was also with Morgan Stanley from June 2009 to March 2016. He worked in a branch office in New York, New York. He was also been the subject of at least four customer complaints.
Brokerage firms like Westpark Capital have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Phoenix, Arizona; Seattle, Washington; Denver, Colorado; and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including throughout New York. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including against Westpark Capital.