October 2018- Pendleton, Indiana
According to publicly available records Tamara R. Steele (CRD#3227494) , a stockbroker who was last registered with Comprehensive Asset Management and Servicing (CAMAS) a/k/a Aurora Private Wealth or APW Capital, Inc. disclose a pending SEC action, 7 pending customer disputes, 2 final customer disputes and a termination 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 September 2018 the United States Securities and Exchange Commission (SEC) filed an action against Tamara Steele and her solely owned corporation, Steele Financial alleging 12/ 2012 -10/2016, Steele and Steele Financial, both Indiana based investment advisors, fraudulently recommended and sold to their advisory clients over $13 million in extremely risky securities issued by a private company, Behavioral Recognition Systems (BRS). In violation of their fiduciary duties of loyalty of good faith, the SEC alleges that they failed to disclose to their clients that BRS had agreed to pay them commissions ranging from 8% to 18% of the funds raised for BRS. BRS Labs later became Giant Gray. By this fraud, Steele and Steele Financial profited at the expense of their clients. The SEC seeks disgorgement, penalties and an injunction.
Several customers have settled cases with Steele’s firm over the BRS investment.
In March 2018, May 2018 and in June 2018, customers with APW Capital, Inc.( aka Aurora Private Wealth and formerly known as Comprehensive Asset Management and and Servicing (CAMAS), filed customer disputes against Steele alleging “outside business activities, selling away and private securities transactions, unsuitable investments, negligent account management, violation of the Indiana Securities Act, Violation of Registered Investment Advisor Section of Indiana Securities Act, Sale of unregistered and non-exempt securities, breach of fiduciary duty, violations of FINRA conduct rules and NYSE Board Rules”. Alleging damages of $124,757.53, $500,000 and $200,000 respectively, these three cases are all still pending.
In June of 2017, Tamara Steele was discharged from her position with Comprehensive Asset Management and Servicing (CAMAS). According to allegations on her FINRA record “Through a phone call to CAMAS by her attorney, Ms. Steele self-reported having participated in private securities transactions for multiple clients without prior notice and approval from CAMAS. Our internal review confirmed the facts of Ms. Steele’s self-report.”
Tamara Steele was employed with Comprehensive Asset Management and Servicing, Inc. from January 2009 until July 2017. She is not currently registered with any broker dealer.
If you have questions about an investment account handled by Tamara Steele, contact us for a no charge consultation to learn about your legal options.
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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