The Financial Industry Regulatory Authority (FINRA) is the largest independent regulator for all securities firms doing business in the United States. FINRA’s chief role is to protect investors by maintaining the fairness of the U.S. capital markets.
All stockbrokers and broker dealers (brokerage firms) are required to be licensed by and subject to the rules and regulations of FINRA. Each month FINRA publishes disciplinary actions against brokers and broker dealers. Discipline can range from monetary fines and suspensions, or in extreme cases, revocation of licensing and a bar from the securities industry.
See the FINRA website for current and historical disciplinary actions.
Steven Foreman Kahn (CRD #1001362, Registered Principal, Buffalo Grove, Illinois) was named a respondent in a FINRA complaint alleging that he effected trades in the securities account of a deceased customer without the customer’s authorization or consent and in the absence of written or oral authorization from the customer, her estate representative, or any person with authority over the account. The complaint alleges that in fact, the customer had died approximately two years prior to Kahn becoming the registered representative of record for the account.
The complaint also alleges that Kahn’s member firm had informed him that his production was low, and he needed to take steps to develop his business and profitability. Shortly after being warned about his low production, Kahn effected the transactions in the customer’s account. The complaint further alleges that in response to a customer’s complaint concerning being charged excessive commissions while Kahn was the registered representative of record, Kahn agreed to refund a percentage of the commissions that the customer had paid over the prior five years. Kahn withdrew $7,005.68 from his personal checking account and tendered the funds to the customer in settlement of the complaint.
Kahn did not inform his firm of the customer’s complaint, nor did he obtain his firm’s approval prior to payment to the customer of the settlement amount. (FINRA Case #2010024957001)
According to FINRA records, Kahn is registered with LaSalle St. Securities since 10/28/2010. He was previously registered with the following firms:
Rothschild Investment Corporation
Rex Securities Law , located in Boca Raton, FL, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
561 391 1900