Public records published by the Financial Industry Regulatory Authority (FINRA) and accessed on April 12, 2018 indicate that Colorado-based Spencer Edwards broker Stephen Biley has been sanctioned by FINRA and was recently named in a FINRA investigation into alleged rule violations. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Biley (CRD# 2339187).
Stephen Biley has spent 24 years in the securities industry and has been registered with Spencer Edwards in Centennial, Colorado since 1999. Previous registrations include Lumiere Securities in Denver, Colorado (1997-1998); Corporate Securities Group in St. Louis, Missouri (1996-1997); Royce Investment Group in Woodbury, New York (1996); Mony Securities Corporatio in New York, New York (1995-1996); John Hancock Distributors in Boston, Massachusetts (1993-1995); and John Hancock Mutual Life Insurance Company in Boston, Massachusetts (1993-1995). He has passed five securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination), which he obtained on August 31, 1993; Series 55 (Limited Representative-Equity Trader Exam), which he obtained on December 1, 2003; Series 7 (General Securities Representative Examination), which he obtained on February 8, 1996; Series 6 (Investment Company Products/Variable Contracts Representative Examination), which he obtained on July 21, 1993; and Series 24 (General Securities Principal Examination), which he obtained on July 11, 1998. He is a registered broker with 39 US states and territories.
According to his BrokerCheck report, Stephen Biley has been sanctioned by FINRA and was recently named in an investigation into alleged rule violations.
In November 2017 he was named respondent in a FINRA investigation into alleged violations of FINRA Rule 2010, which states that FINRA members must “observe high standards of commercial honor and just and equitable principles of trade.” The investigation remains pending.
In 2015 FINRA sanctioned him following allegations he participated in the sale of unregistered shares of penny stocks that were “thinly-traded over-the-counter” and in violation of securities laws. FINRA found that there was no registration in effect for the shares in question and there was no registration exemption that applied to them. Mr. Biley, according to FINRA, “did not conduct a sufficient inquiry into the circumstances surrounding” the clients’ acquisition and sale of the securities, before he executed the transactions, to confirm whether there was an exemption from registration. He was issued a 30-day suspension and a fine of $30,000.
If you or someone you know has lost money investing with Stephen Biley, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.