Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on July 27, 2016 indicate that Missouri-based Kovack Securities broker Steven Bumbera was recently terminated from his previous position. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Bumbera (CRD# 4686154).
Steven Bumbera has spent 12 years in the securities industry and has been registered with Kovack Securities in St. Louis, Missouri since June 2016. Previous registrations include LPL Financial in St. Louis, Missouri (2010-2016); Raymond James Financial in St. Louis, Missouri (2008-2010); and Edward Jones in Webster Groves, Missouri (2003-2008). He is a registered broker with three US states: California, Illinois, and Virginia.
According to his BrokerCheck report, Steven Bumbera has received one denied customer complaint and was discharged from LPL Financial.
In June 2016, Steven Bumbera was terminated from his position at LPL Financial Services following allegations he participated in an outside business activity in violation of firm policy.
In 2010, a customer alleged Steven Bumbera, while employed at Edward Jones, recommended an unsuitable investment. The customer sought $42,000 in damages in the complaint, which was denied.
FINRA rules dictate that brokers like Steven Bumbera may not participate in outside business activities without providing written notice to their employer. Specifically, FINRA Rule 3270 states: “No registered person may be an employee, independent contractor, sole proprietor, officer, director or partner of another person, or be compensated, or have the reasonable expectation of compensation, from any other person as a result of any business activity outside the scope of the relationship with his or her member firm, unless he or she has provided prior written notice to the member, in such form as specified by the member.” Brokers who violate this rule may be subject to disciplinary activity.
If you or someone you know has complaints regarding Steven Bumbera, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recover lost funds. All cases are taken on contingency: we only receive payment if and when you collect money. Time to file your claim may be limited, so we suggest you avoid delay. Call 877-238-4175 now to speak to an attorney for free.