Category Archives: Brewer Financial Services

Stephen M. Brown-Former LPL Financial Broker-Plano,TX-Barred From Securities Industry

Plano, Texas

In November 2013, FINRA announced that Stephen Michael Brown (CRD# 1221582) of Terrell, TX, was barred from association with any FINRA member in any capacity. This sanction was based on findings that Brown failed to respond to FINRA requests to provide documents, information and testimony in connection with an investigation into the allegations of a civil action brought against Brown by one of his customers.
The suit, which resulted in a civil judgment against Brown, related to a private real estate investment that Brown had recommended outside the scope of his employment with his member firm.
According to FINRA records, Brown was previously registered with the following firms:
  • Best Direct Securities 11/2010-5/2011
  • Brewer Financial Services 5/2009-11/2010
  • LPL Financial Services 8/1989-5/2009

In FINRA Case# 13-2370, a customer filed a claim alleging that Brown solicited him to make investments with Brown directly rather than in products sold by employer LPL Financial. That case was settled for $900,000.

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