Updated: February 2025 (Memphis, TN)
National securities fraud lawyers at Patil Law, P.C are investigating former UBS Financial Services Inc. broker Adam B. Steen (CRD #2231499) regarding allegations of unauthorized trading and taking instructions from unauthorized individuals on client accounts. The investigation stems from his recent termination from UBS Financial Services in November 2024.
Critical Insights About Memphis Financial Advisor Adam Steen
- Advisor Name: Adam B. Steen
- CRD: 2231499
- Current Location: Memphis, TN
- Current Employer: Kestra Investment Services, LLC
- Classification: Registered Representative & Investment Adviser Representative
- Customer Disputes: One prior complaint (withdrawn)
- Current Registrations: Licensed in 28 states
- Years of Experience: Since 1992
- Previous Employers: UBS Financial Services (2000-2024), J.C. Bradford & Co. (1998-2000), Merrill Lynch (1992-1998)
- Professional Qualifications: Series 7, 63, 65, SIE licenses
- Business Name: Bright River Private Wealth (DBA)
- Current Status: Active with Kestra Investment Services
Details Of Current Investigation
The termination disclosure from November 2024 alleges:
- Taking instructions from an unauthorized relative on client accounts
- Breach of firm policies regarding account authorization
- Lack of forthcoming information about unauthorized activities
- Issues involving corporate debt and mutual fund transactions
Analysis Of Alleged Misconduct
The allegations raise serious concerns about:
- Client account authorization procedures
- Proper documentation of trading authority
- Protection of client interests
- Compliance with firm policies
- Account handling procedures
- Trading authorization verification
- Client consent protocols
Regulatory Framework And Investor Protection FINRA Rule 3260 requires:
- Written authorization for discretionary trading
- Proper documentation of authorized persons
- Clear client consent for account access
- Regular review of authorizations
- Maintenance of accurate records
SEC Regulation Best Interest mandates:
- Acting in clients’ best interests
- Full disclosure of all material facts
- Proper authorization for all transactions
- Documentation of client instructions
- Protection of client accounts
Professional Background Mr. Steen’s 32-year career includes:
- Entry into securities industry in 1992
- 24-year tenure at UBS Financial Services
- Multiple state licenses
- Investment adviser registration
- Recent transition to Kestra Investment Services
Red Flags For Investors
- Recent termination for unauthorized account access
- Taking instructions from unauthorized individuals
- Policy violations at major firm
- Lack of forthcoming information
- Corporate debt and mutual fund issues
- Authorization concerns
- Documentation questions
- Prior customer complaint history
Implications For Current And Former Clients Current and former clients should:
- Review all account documentation
- Verify trading authorizations
- Examine account statements
- Check transaction histories
- Monitor account activity
- Document communications
- Verify trade confirmations
- Assess portfolio changes
Patil Law, P.C Will Help You Recover Your Investment Losses
If you have concerns about investments made with Mr. Syslo or questions about how your accounts were handled, 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.
