FINRA: Kurt Stein Involved in $300,000 Complaint

Kurt Stein (CRD# 3159180[1]) is involved in a pending customer dispute alleging unsuitable investment recommendations. According to his Financial Industry Regulatory Authority (FINRA) BrokerCheck report, accessed on February 3, 2022, he is currently registered as a broker and investment adviser with Quint Capital, also known as Skymount Capital, in New York City.

Customer: Kurt Stein Made Unsuitable Recommendation

Mr. Stein’s BrokerCheck report describes one pending customer complaint against him. Filed in 2021, it alleges that he recommended an unsuitable investment in a real estate product while registered with National Securities Corporation. The allegations in the complaint have not been proven; the customer alleges damages of $300,000.

Prior Customer Settlements Over $100,000

FINRA [2]records also describe two customer complaints against Mr. Stein that ended with settlements paid to the customers. One complaint, filed in 2013, alleged misrepresentations connected with the sale of collateralized debt obligations. It settled in 2013 for $128,250, with a “Broker Statement” on the disclosure noting that “the claims were directed exclusively at Merrill Lynch.” A second complaint, filed in 2019, alleged misrepresentations connected to unspecified direct investments. This complaint settled in 2020, with Mr. Stein’s Broker Statement reading: “I deny these allegations and will defend myself.”

FINRA Rules Forbid Misrepresentations

Misrepresentation of material facts is one of the more common forms of broker misconduct. The term denotes the false representations or omissions of information considered “material” to an investor weighing a securities transaction. Brokers who make misrepresentations of omissions might cause their clients to make unsuitable transactions, that is, transactions considered inappropriate for their individual profiles. Brokers and investment advisers ascertain their customer’s profile by collecting information such as the investor’s age, investment experience, investment objectives, risk tolerance, and other factors. FINRA rules require brokers to recommend only investments considered suitable for their clients; brokers who misrepresent material facts and/or recommend unsuitable transactions may be held liable for damages. More information on suitability is available via FINRA[3].

Stein Discloses Two Other Business Activities

According to Mr Stein’s BrokerCheck report, he has disclosed two business activities other than his work as a broker. One such activity, beginning in 2019, is Skymount LLC, “which is for holding personal real-estate only and is non investment related.” The second, starting in January 2020, is Aandar, a mortgage broker in Saddle Brook, New York for which Mr. Stein “provides referrals.” This activity is also describes as “non-investment related” and “only done on an occasional basis.”

Kurta Stein Registered with Merrill Lynch Until 2018

Mr. Stein started his career as a broker in 1999, when he became associated with Goldman Sachs in New York City. He left that firm in 2001 for Merrill Lynch’s office in Paramus, New Jersey, where he stayed until 2018. Over the following years he worked for firms like National Securities Corporation, National Asset Management, and Palladium Capital Advisors. He is currently registered with Quint Capital Corporation, also known as Skymount Capital, in New York City. Mr. Stein has passed five securities industry exams, including the Series 65 and the Series 3. For more information about his history in the securities industry, including the pending or settled customer disputes against him, visit his FINRA BrokerCheck report[4]. (The above-referenced information was accessed on February 3, 2022).

Investment Losses? Call for a Free Consultation

The seasoned investor advocates at MDF Law are interested in hearing from investors who have complaints regarding Kurt Stein. If you have lost money investing with Kurt Stein, you may be able to recover your losses. MDF Law takes all cases on a contingency basis, meaningly we only collect a fee when our clients collect a recovery. Please call us at 800-767-8040 for a free consultation.