Advisor Alert: Our Attorneys Are Investigating Stephen Fortin For Investment Fraud

Last Updated: August 2024 (Cincinnati, OH)

National securities fraud lawyers at Patil Law P.C. are investigating current Cambridge Investment Research broker Stephen Fortin (CRD #2320006) regarding allegations of recommending unsuitable oil and gas investments.

A recently filed FINRA arbitration claim raises significant concerns about Mr. Fortin’s investment recommendations while at Lincoln Financial Advisors Corporation, particularly regarding high-risk oil and gas investments.

Critical Insights About Cincinnati Financial Advisor Stephen Fortin

• Advisor Name: Stephen P. Fortin
• CRD: 2320006
• Location: Cincinnati, OH
• Current Employer: Cambridge Investment Research, Inc.
• Classification: Registered Representative & Investment Adviser Representative
• Primary Location: 8044 Montgomery Road, Suite 265, Cincinnati, OH 45236
• Can Stephen Fortin be sued in FINRA arbitration: Yes
• Customer Disputes: One pending FINRA arbitration
• Current Registrations: Licensed in 22 states
• Years of Experience: Since 1993
• Previous Employers: Lincoln Financial Advisors (2001-2023), Fidelity Brokerage Services (1993-2001)
• Professional Qualifications: Series 24, 7, 6, 63 licenses
• Other Business Activities: Flores and Fortin Planning Group (owner/partner), Three Corners Capital (insurance agent)

Details of Current Investigation

A FINRA arbitration claim filed in August 2024 (Case #24-01855) alleges that Mr. Fortin recommended an unsuitable oil and gas investment while at Lincoln Financial Advisors Corporation. The claimant is seeking $70,000 in damages, alleging the investment recommendation was inappropriate for their investment profile.

Analysis of Alleged Misconduct

The allegations center on the recommendation of oil and gas investments, which typically involve:

• High levels of risk and speculation
• Limited liquidity
• Complex tax implications
• Potential conflicts of interest
• Significant investment minimums

Regulatory Framework and Investor Protection

SEC Regulation Best Interest

Under Reg BI, Mr. Fortin had an obligation to:

• Provide full and fair disclosure of all material facts
• Exercise reasonable diligence in understanding the risks
• Consider reasonable alternatives
• Evaluate costs and potential conflicts of interest

FINRA Rules and Their Significance

FINRA Rule 2111 (Suitability) requires brokers to:

• Conduct reasonable diligence on recommended investments
• Understand the risks and rewards of recommendations
• Consider the customer’s investment profile
• Document the basis for recommendations

FINRA Rule 2310 (Direct Participation Programs) specifically requires:

• Reasonable investigation of oil and gas programs
• Fair and balanced disclosure of risks
• Consideration of concentration limits
• Assessment of program costs and fees

Professional Background

Mr. Fortin has over 30 years of industry experience, holding multiple supervisory and principal licenses. His career includes:

• Cambridge Investment Research (2023-present)
• Lincoln Financial Advisors (2001-2023)
• Multiple principal/supervisory qualifications
• Extensive experience with retail investors

Red Flags for Investors

1. Recent transition from Lincoln Financial to Cambridge Investment Research after 22 years
2. Pending arbitration involving oil and gas investments
3. Multiple business activities that could create conflicts of interest
4. Recommendations of complex, illiquid investments
5. Focus on high-commission alternative investments

Implications for Current and Former Clients

Current and former clients should:

• Review all oil and gas investments in their portfolios
• Examine account statements for unauthorized trades
• Evaluate the concentration of alternative investments
• Assess whether investment objectives were followed
• Consider seeking independent portfolio review

Patil Law P.C. Will Help You Recover Your Investment Losses

If you have suffered investment losses in an account handled by Mr. Fortin or have questions about oil and gas investments in your portfolio, please contact Attorney Patil online or call (800) 950-6553 for a free initial consultation. Our securities fraud attorneys work on a contingency fee basis, meaning we only get paid if we help you recover money.

Chetan Patil

Chetan Patil is the founder and Managing Partner of the Patil Law. He brings over 15 years of extensive experience in diverse complex disputes and transactions, across the country. Mr. Patil specializes in litigations, trials, arbitrations, and appeals of complex securities, FINRA, financial and business disputes, with an emphasis in securities, financial services, and financial regulatory law.