Stephen Smith of Cetera Involved in Suitability Dispute

Stephen Smith (CRD# 2632131[1]), a broker registered with Cetera Investment Services, made unsuitable investment recommendations, according to an investor dispute. MDF Law is investigating the Fort Myers, Florida-based financial professional, who is also a representative of Regions Bank, for similar conduct. If you have concerns about your accounts, contact us to speak with an attorney for free.

More information about Mr. Smith’s professional history follows below. This post is sourced from his BrokerCheck record, a Financial Industry Regulatory Authority profile reviewed on October 24, 2024. 

Pending Dispute Seeks $200,000 in Damages

On July 17, 2024, an investor filed a dispute alleging that Mr. Smith recommended unsuitable investments. According to a disclosure on his BrokerCheck record, the dispute relates to fixed annuity and equity-indexed annuity products. Still pending, it seeks $200,000 in damages.

Why Are FINRA’s Suitability Rules So Important?

FINRA rules mandate that brokers like Mr. Smith must recommend suitable investments to their clients. In other words, they must tailor their recommendations to a customer’s unique investment profile. This includes such factors as their age, net worth, income, objectives, experience, risk tolerance, and more. Brokers may not misrepresent or omit information considered material to an investment recommendation, like the product’s risk level or whether the customer’s principal will be protected. The rules governing this standard include FINRA Rule 2111 and the SEC’s Regulation Best Interest.

Stephen Smith: Regions Bank Representative

As his BrokerCheck record reflects, Mr. Smith is a registered representative of Regions Bank. That company’s website[2] features a profile page that outlines his products and services. These include annuities, life insurance, stocks and equities, mutual funds, exchange-traded funds, and digital investing. It also features a professional biography of Mr. Smith that outlines his work as an advisor with Regions Investment Solutions. “Stephen will focus on solutions for your immediate needs and help you develop a comprehensive strategy to meet your long-term financial goals,” this bio reads. “From financial planning to preparing for retirement, Stephen Smith is committed to helping make your journey toward financial success as easy as possible.”

FINRA: Broker Based in Fort Myers, Florida

Mr. Smith started his career as a broker in 1998, when he registered with Prudential Securities in Fort Myers, Florida. Over the following years, he went on to work with firms like Raymond James, BB&T, and AllState. He joined his current member firm, Cetera Investment Services, in 2017, and currently works at its Fort Myers branch office. With 26 years of experience as a broker, he has completed four industry exams, including the Series 7 and the Series 63.

Investors Have Rights. MDF Law Defends Them

If you are a current or former client of Stephen Smith and have concerns about your investments, call MDF Law. You may be eligible to file a FINRA arbitration claim to pursue a recovery, especially if the following conditions apply:

• You lost more money than you could afford to lose;
• You did not authorize certain transactions;
• Your advisor did not disclose certain risks associated with your investments;
• Your advisor did not disclose fees or other charges associated with your investments. 

MDF Law’s experienced investor advocates have secured more than $100 million in recoveries for the victims of broker fraud. We take cases on a contingency basis, meaning we only receive a fee when our clients win—no hourly fees. Call 800-767-8040 for a free consultation today.