National investment loss lawyers KlaymanToskes is investigating suspended broker Steve Franko a/k/a Stephen Michael Franko (CRD# 2157707) of Independence Capital Co.
According to FINRA BrokerCheck, broker Steve Franko, of Independence Capital Co., is suspended from acting as a broker by FINRA in relation to the regulator’s investigation into allegations that he recommended that customers invest in speculative and unrated GWG L Bonds that were not in the customers’ best interests. The findings stated that Franko made recommendations totaling $195,000 to three elderly retail customers.
Investors that suffered losses with broker Steve Franko are encouraged to contact attorney Lawrence L. Klayman, Esq., at 888-997-9956 or by email at investigations@klaymantoskes.com to discuss potential recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
Financial advisor Steve Franko of Independence Capital Co. has been suspended by the Financial Industry Regulatory Authority (FINRA). According to FINRA’s findings, Frank earned $5,640 in commission in connection to his recommendation of the GWG L Bonds and did not exercise reasonable diligence, care, and skill to, among other things, have a reasonable basis to believe that the recommendations were in the customers’ best interest based on their investment profiles and the potential risks, rewards, and costs associated with the recommendations.
Franko consented to the sanctions and to the entry of findings that he willfully violated Rule 15/-1(a)(1) under the Securities Exchange Act of 1934 (Reg BI) by recommending that customers invest in speculative and unrated corporate bonds that were not in the customers’ best interests.
As an investor, there are a few signs that you should look out for if you believe you may have a claim against your financial advisor. These signs could potentially indicate misconduct, negligence, or investment fraud. Investors are encouraged to contact our firm immediately if you have experienced any of the following:
Some investors have close relationships with their brokers due to the time and trust built over the course of their investment relationship. However, it is crucial to remember that financial decisions should be based on careful analysis and due diligence rather than solely relying on personal relationships.
Engaging the services of an experienced securities attorney to evaluate your specific circumstances is strongly advised. At KlaymanToskes, our team of experienced securities attorneys has a deep understanding of this complex area of law, allowing us to provide invaluable insight and tailored guidance that directly addresses your individual needs.
If you suffered losses with broker Steve Franko, or have concerns regarding your investment portfolio at Independence Capital Co., or with any other financial advisor or firm, contact KlaymanToskes at 888-997-9956 or fill out a short contact form for a free and confidential consultation.