April 2019- Dallas, TX
According to public records of Stephen J. Hoshimi (CRD#1977772) a stockbroker previously employed by Crescent Securities Group, Capwest Securities and Securities America, disclose 4 regulatory events, 37 prior customer disputes and 2 terminations from employment.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In April of 2018 without admitting or denying the findings, Hoshimi consented to the sanctions and to the entry of findings that he engaged in an outside business activity without providing prompt written notice of this activity to his member firm. As a result of this Hoshimi was been barred from the securities industry by FINRA for three months and was given a fine of $5,000.
From December of 2009 until July of 2013, thirty-seven customer disputes were filed by customers of Securities America, alleging various wrongdoing by Hoshimi including negligence, misrepresentation, breach of contract, unsuitable recommendations, improper asset allocation, violation of duties owed to the client and breach of fiduciary duty. The total paid out to settle these prior customer disputes was in excess of $23 million.
In September of 2016, Hoshimi was allowed to resign from Crescent Securities Group after allegations of undisclosed business activities. During the course of an examination, it was learned that Mr. Hoshimi had launched a website to promote a previously undisclosed outside business activity.
In October 2008, Hoshimi was discharged from Securities America for failure to follow firm policies and procedures relating to life settlement transactions and registered representative activities.
Hoshismi was with Crescent Securities Group, Inc. from December 2015 to September of 2016. He was with Capwest Securities, Inc. from October 2008 until August 2010. From July 1999 until October 2008 he was with Securities America, Inc.
If you have questions about an account handled by Stephen Hoshimi, contact us for a no charge consultation to learn how you may be able to recover damages from his employer through FINRA arbitration.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, 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.
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