Columbia, MD – December 13, 2025 – Stephen Charlesnewell Hlibok (CRD# 1728900), a registered securities broker and financial consultant currently employed by Merrill Lynch, Pierce, Fenner & Smith Incorporated in Columbia, Maryland, has two customer complaints on his FINRA BrokerCheck record. The complaints allege unauthorized trading and unsuitable investment recommendations involving equity securities. Both complaints were denied. This information is publicly available through FINRA’s Central Registration Depository and is provided to help investors make informed decisions about their investment accounts.
BrokerCheck Snapshot
Name: Stephen Charlesnewell Hlibok
CRD #: 1728900
Firm: Merrill Lynch, Pierce, Fenner & Smith Incorporated
Location: Columbia, MD
Years in Industry: 38
Number of Disclosures: 2
Customer Complaints Against Stephen Hlibok
According to FINRA BrokerCheck records, Stephen Hlibok has two customer dispute disclosures on file. Both complaints were denied by Merrill Lynch and Mr. Hlibok.
Complaint 1: Denied (Status Date: November 10, 2025)
A customer filed a written complaint on September 29, 2025, alleging unauthorized trading between April 21, 2025, and April 25, 2025. The complaint involved Equity-OTC (over-the-counter) securities. The alleged damages total $337,668.75. The complaint was denied on November 10, 2025. No settlement amount was paid, and Mr. Hlibok made no individual contribution.
Complaint 2: Denied (Status Date: August 11, 2003)
A customer filed a written complaint on July 8, 2003, alleging that Mr. Hlibok made unsuitable investment recommendations. The complaint involved Equity-OTC securities. The alleged damages totaled $582,000.00. The complaint was denied on August 11, 2003.
According to Mr. Hlibok’s statement, Merrill Lynch denied this complaint as baseless and false. The broker’s statement indicates that the client made no purchases at Merrill Lynch but rather bought the stock in question elsewhere and delivered it into her account. The client attempted to sell the stock at Merrill Lynch, but the transfer agent refused her shares, resulting in a short position that had to be bought in by Merrill Lynch. Merrill Lynch then returned the shares to the firm that had delivered them and closed the client’s account.
Pattern of Complaints / Risk Factors
While each case is unique, complaints of this type may indicate concerns related to unauthorized account activity, inadequate supervision of trading activity, or disputes regarding investment suitability. Investors should carefully review account statements, confirmations, and seek legal guidance if similar issues occurred.
Can Investors Recover Losses?
Investors who experienced unauthorized trades may be entitled to recover losses through FINRA arbitration. Patil Law, P.C. has over 15 years of experience representing investors in FINRA arbitration and securities litigation, with more than $25 million recovered for clients across 1,000+ cases. We provide a free, confidential consultation to review your potential claim. Our firm works on a contingency fee basis, meaning you pay no attorney fees unless we successfully recover money for you.
About FINRA Arbitration
FINRA arbitration is a streamlined dispute resolution process for securities-related claims. It offers a faster, more cost-effective alternative to traditional court litigation. Most cases are resolved within 12-16 months. Claims generally must be filed within six years of the incident. Many brokerage agreements include mandatory arbitration clauses that require investors to resolve disputes through this process rather than traditional court proceedings.
Related Brokers and Firms
For more information about complaints and disclosures involving securities firms and products similar to those mentioned in Mr. Hlibok’s record, please see:
- Merrill Lynch Advisors – Complaints & Disclosures
- Unauthorized Trading
- Unsuitable Investments
- Failure to Supervise
- Investment Fraud
Frequently Asked Questions
What is the complaint against Stephen Hlibok?
Stephen Hlibok has two customer dispute disclosures on his FINRA BrokerCheck record. The first complaint, filed in September 2025, alleges unauthorized trading involving equity securities with alleged damages of $337,668.75. The second complaint, filed in 2003, alleges unsuitable investment recommendations with alleged damages of $582,000. Both complaints were denied.
Can investors recover losses involving Merrill Lynch?
Investors who have suffered losses may be entitled to recover damages through FINRA arbitration or civil litigation. Recovery options depend on the specific facts of each case, including the nature of the alleged misconduct, the investment products involved, and applicable statutes of limitations. A securities attorney can evaluate your potential claim during a free consultation.
What is FINRA arbitration?
FINRA arbitration is a dispute resolution forum administered by the Financial Industry Regulatory Authority. It provides a neutral venue for resolving securities-related disputes between investors and brokers or brokerage firms. The process typically involves filing a statement of claim, discovery, and a hearing before a panel of arbitrators who issue a binding decision.
What does “unsuitable investment” mean?
An unsuitable investment occurs when a broker recommends securities that do not align with an investor’s financial situation, investment objectives, risk tolerance, or time horizon. Brokers have a legal obligation to ensure recommendations are suitable based on information obtained through reasonable diligence. Unsuitable recommendations can form the basis for investor claims.
How do I look up a broker on BrokerCheck?
Visit FINRA’s BrokerCheck website at brokercheck.finra.org and search by the broker’s name or CRD number. The report will display the broker’s employment history, professional qualifications, examinations passed, and any disclosure events including customer complaints, regulatory actions, or criminal matters. Investors should review BrokerCheck records before working with any financial advisor.
What should I do if I suspect broker misconduct?
First, document all account statements, communications, and relevant paperwork. File a complaint with FINRA, the SEC, and your state securities regulator. Consider consulting with a securities attorney who can evaluate whether you have grounds for an arbitration claim or lawsuit. Contact Patil Law, P.C. at 800-950-6553 for a free, confidential consultation to discuss your potential claim.
About Patil Law, P.C.
Patil Law, P.C. is a securities litigation firm dedicated to representing investors who have suffered losses due to broker misconduct, unsuitable recommendations, and securities fraud. Founded in 2018 by attorney Chetan Patil, the firm focuses exclusively on FINRA arbitration and investment loss recovery.
With over 15 years of combined experience in securities law, Patil Law has successfully recovered more than $25 million for clients across 1,000+ cases. Attorney Chetan Patil earned his law degree from Case Western Reserve University School of Law. Attorneys Gabriela Dubrocq and Patricia Herrera earned their law degrees from University of Miami. The firm handles cases nationwide involving unauthorized trading, churning, unsuitable investments, breach of fiduciary duty, and failure to supervise.
Patil Law works on a contingency fee basis, meaning clients pay no attorney fees unless the firm successfully recovers money on their behalf. All consultations are free and confidential.
Contact Patil Law for a Free Consultation
If you have lost money in an investment account managed by Stephen Hlibok or any other broker, contact Patil Law, P.C. for a free, no-obligation consultation. Our experienced securities attorneys can review your account statements, evaluate your potential claim, and explain your legal options.
Phone: 800-950-6553
Email: info@patillaw.com
Website: investmentlosslawyer.com
All consultations are confidential, and we work on a contingency fee basis.
Disclaimer
The information in this post is based on FINRA BrokerCheck records and public filings. Allegations described are pending or unproven and may be contested. All investors are entitled to fair treatment under securities laws. This is attorney advertising. Prior results do not guarantee a similar outcome. This communication is for informational purposes only and does not create an attorney-client relationship.
