Category Archives: Stephens

Norris R. Roberts-Former Stephens Broker-Subject of Gambling Investigation/Barred From Securities Industry-Rogers, Arkansas

March 2018- Rogers, Arkansas

The FINRA records of  Norris Richard Roberts, Jr.  ,  a  former stockbroker who was last employed by  Stephens Inc. disclose a recent regulatory matter resulting in a permanent bar from the securities industry.

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 February 2018, to resolve allegations that he failed to provide FINRA requested documents and information in connection with an investigation concerning allegations that he was structuring withdrawals from his personal bank account for the purpose of avoiding his bank having to file Currency Transaction Reports Norris Rogers was permanently barred from the securities industry. FINRA Case 2017055357801.

According to recent press Roberts was involved in an illegal gambling business.

Norris Roberts was   employed by Stephens from 9/2014-8/2017. Prior to that he was with Merrill Lynch.

If you have questions about an account  handled by Norris R. Roberts call for a no charge consultation to discuss your 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Stephens Inc. Sanctioned by Securities Regulators for Mutual Fund Sales Charge Abuse

October 27, 2015

Stephens, Inc.  entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that since June 1, 2009, Stephens disadvantaged certain retirement plans and charitable organization customers that were eligible to purchase Class A shares in certain mutual funds without a front-end sales charge. Those customers were instead sold Class A shares with a front-end sales charge or Class B or C shares with back-end sales charges and higher ongoing fees and expenses.

 

FINRA found that during this period, Stephens failed to establish and maintain a supervisory system and procedures reasonably designed to ensure that eligible customers who purchased mutual fund shares received the benefit of applicable sales charge waivers. As a result, Stephens violated NASD Conduct Rule 3010 (for misconduct before December 1,2014), FINRA Rule 3 110 (for misconduct on or after December 1,2014), and FINRA Rule 2010.

AWC No.  2015046029901

Stephens was censured and required to provide a detailed plan to remediate affected customers.

Stephens, Inc., is headquartered in Little Rock, Arkansas, and  has been a FINRA member since 1950. It has more than 430 registered agents and over 25 branch offices, including Texas offices in  Austin, , Dallas, & Houston and Florida offices in St. Petersburg.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870