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Broker Spotlight: Melvin Stoutenburg

Melvin StoutenburgPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) on July 15, 2016 indicate that Florida-based National Securities broker Melvin “Dutch” Stoutenburg has been the subject of a customer complaint. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Stoutenburg (CRD# 2949175).

Melvin Stoutenburg has spent 17 years in the securities industry and has been registered with National Securities in Miami, Florida since 2011. Previous registrations include VFinance Investments in Miami, Florida; National Securities in New York, New York; JP Turner & Company in Atlanta, Florida; Gunnallen Financial in Tampa, Florida; Continental Broker-Dealer Corporation, which has since been expelled by FINRA, in Carle Place, New York; Montrose Capital Management in New York, New York; Chase Investment Services in Chicago, Illinois; American Express Financial Advisors in Minneapolis, Minnesota; IDS Life Insurance Company in Minneapolis, Minnesota; May Davis Group, which has since been expelled by FINRA, in New York, New York; and Continental Broker-Dealer Corporation in Carle Place, New York. He is a registered broker with 35 US states and territories.

According to his BrokerCheck report, Melvin Stoutenburg has received one customer complaint, one pending customer complaint, and three customer complaints that were closed or denied.

In 2014, a customer alleged Melvin Stoutenburg, while employed at National Securities and VFinance Investments, made unsuitable investment recommendations and acted negligently. The customer is seeking $752,101 in damages in the pending complaint.

In 2009, a customer alleged Melvin Stoutenburg, while employed at VFinance Investments, breached his fiduciary duty, effected unauthorized transactions, recommended unsuitable investments, and violated Arizona statutes. The complaint settled in 2012 for $30,000.

In 2006, a customer alleged Melvin Stoutenburg, while employed at VFinance Investments, made an unauthorized trade. The customer sought $41,253 in damages in the complaint, which was closed.

In 2003, a customer alleged Melvin Stoutenburg, while employed at Continental Broker-Dealer Corporation, misrepresented material facts related to an investment. The customer sought $5,272 in damages in the complaint, which was denied.

In 2001, a customer alleged Melvin Stoutenburg, while employed at Continental Broker-Dealer Corporation, failed to follow instructions. The customer sought $18,000 in damages in the complaint, which was denied.

Federal securities law prohibits brokers like Melvin Stoutenburg from making untrue or false statements that can mislead their clients, which is referred to as “misrepresentation.” They are similarly forbidden from omitting material facts regarding an investment, or the effect that an investment could have on the client’s finances. A “material fact” is a piece of information that would be a significant consideration for a reasonable investor in making a decision about an investment. Some examples include the risk level of a stock, the potential return on an investment, or the fees involved with the transaction. Brokers and investment advisers who misrepresent material facts may be subject to disciplinary action from FINRA, the Securities and Exchange Commission, or state authorities.

If you have lost money investing with Melvin Stoutenburg, you may be able to collect a recovery. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on contingency: we only receive payment if and when you recover money. You may have a limited window to file your claim, so we suggest you avoid delay. Call 877-238-4175 now to speak to an attorney for free.

 

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