Investors who have suffered losses in private real estate investments that they purchased from Stephen Michael Brown may be able to recover their investment losses through FINRA arbitration or securities litigation.
Stephen Michael Brown was employed as a broker with LPL Financial, LLC from July 1989 until May 2009 and with Best Direct Securities, LLC until May 2011. Upon information and belief, Stephen Brown was allegedly selling private real estate investments to firm customers without the prior written approval of the brokerage firm he was registered with. This type of stockbroker misconduct is referred to as “selling away”. Selling away describes the situation where a financial advisor or broker like Stephen Michael Brown recommends securities or investments that are not approved for sale by the firm and not on the firm’s approved product list. The brokerage firm’s approved product list identifies the types of securities and investments that are approved for brokers to sell after the securities have been subjected to the brokerage firm’s due diligence process which includes receiving the necessary risk and compliance department reviews and approvals.
If you are an investor that has purchased real estate investments upon the recommendation of Stephen Michael Brown, you may be able to recover your losses through FINRA arbitration or securities litigation. Please contact Kons Law Firm at (312) 757-2272 for a FREE, NO OBLIGATION consultation to discuss your legal rights.
Kons Law Firm represents investors nationwide in securities arbitration and litigation matters. To learn more about the Firm’s securities litigation and FINRA arbitration practice, please visit www.investmentlossattorney.com.