March, 2025 | Based in Cornelius, NC
If you’ve been affected by potential broker misconduct, don’t wait to protect your financial interests. Call 800-950-6553 or visit our online form to arrange a confidential consultation with our experienced securities fraud attorneys today.
Key Information About Steven Michael Blanchard
- Full Name: Steven Michael Blanchard
- CRD Number: 6042470
- Current Status: Not currently registered
- Last Known Location: Cornelius, North Carolina
- Previous Employers:
- LPL Financial LLC (03/2023 – 09/2024)
- Raymond James Financial Services, Inc. (08/2021 – 03/2023)
- TIAA-CREF Individual & Institutional Services, LLC (12/2017 – 07/2021)
- M&T Securities, Inc. (01/2013 – 12/2017)
- AXA Advisors, LLC (07/2012 – 10/2012)
- Industry Exams Passed: Series 6, 7, 63, 66, and SIE
- State Licenses: Previously licensed in multiple states
- Disclosure Events: 2 Regulatory Events, 2 Employment Terminations
- Current FINRA Status: Suspended indefinitely (as of January 6, 2025)
Investigation Into Steven Blanchard’s Professional Misconduct
Our law firm is currently investigating Steven Michael Blanchard, a former financial advisor whose FINRA record reveals serious regulatory issues and employment terminations that raise significant concerns for investors who may have worked with him.
According to FINRA records, Blanchard is currently suspended from the securities industry and has a troubling history that includes falsifying documents and failing to comply with regulatory obligations. These issues suggest a pattern of misconduct that could potentially affect client investments and financial wellbeing.
Recent Regulatory Actions Against Blanchard
The most significant recent regulatory event occurred on January 6, 2025, when FINRA suspended Blanchard indefinitely for “failure to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.” This type of suspension typically indicates that Blanchard failed to pay an arbitration award owed to a customer or did not provide required information to regulators.
More concerning is a December 2024 FINRA enforcement action where Blanchard was suspended for two years and fined $15,000. According to FINRA findings, Blanchard “submitted falsified documents to his member firm in connection with the firm’s investigation of a firm customer, who had a personal relationship with Blanchard.” The investigation revealed that Blanchard fabricated an offer letter and email exchanges to make it appear that he had hired a customer, potentially to help that individual secure a mortgage loan.
Even more troubling, when FINRA investigated this matter, Blanchard “provided false information and documents in response to FINRA’s requests for information.” He falsely represented that his fabricated documents were genuine and produced additional fabricated documents. While he eventually “recanted and accepted responsibility,” this pattern of deception raises serious questions about his integrity as a financial professional.
Employment Terminations Following Misconduct Allegations
Blanchard’s professional history includes two employment terminations under concerning circumstances. In February 2023, he was discharged from Raymond James Financial Services after allegations that he “used branch letterhead to convey offer of employment to a third party without authorization.” This appears related to the document falsification that was later confirmed in FINRA’s enforcement action.
While Blanchard claimed in his broker statement that he had actually resigned before being terminated, both Raymond James Financial Services and Raymond James Financial Services Advisors reported the separation as a discharge related to the same misconduct allegations.
Pattern of Deceptive Conduct
The documented pattern of fabricating documents and providing false information to both his employer and regulators represents a serious breach of the ethical standards expected of financial professionals. These actions violate fundamental securities regulations designed to protect investors and maintain market integrity.
Financial advisors have a duty to act with honesty and integrity in all professional matters. Creating false documents and then attempting to mislead regulators during investigations demonstrates behavior that falls far short of these standards.
Blanchard’s Professional Background
Blanchard entered the securities industry in 2012, obtaining his Series 6 license (Investment Company Products/Variable Contracts Representative) in June of that year. He later obtained his Series 7 (General Securities Representative) in October 2014, enabling him to sell a wider range of investment products.
Throughout his career, Blanchard worked for several different financial firms:
- LPL Financial LLC (March 2023 – September 2024)
- Raymond James Financial Services (August 2021 – March 2023)
- TIAA-CREF Individual & Institutional Services (December 2017 – July 2021)
- M&T Securities (January 2013 – December 2017)
- AXA Advisors (July 2012 – October 2012)
His frequent movement between firms—five employers in a twelve-year period—may itself be considered a potential red flag in the industry.
Blanchard operated under a DBA (doing business as) called “Blanchard Group LLC,” which he listed as an “other business activity” in his disclosures. While using a DBA is common in the industry, investors should always be aware of the actual registered firm through which their financial advisor operates.
Potential Red Flags for Investors
When evaluating a financial advisor’s regulatory history, certain events should raise immediate concerns. In Blanchard’s case, several significant red flags are evident:
1. Document Falsification
The confirmed fabrication of documents is one of the most serious forms of misconduct in the financial services industry. When an advisor is willing to falsify documents for any reason, it calls into question their overall trustworthiness and adherence to regulatory requirements.
2. Misleading Regulators
Providing false information to FINRA during an investigation compounds the original misconduct and demonstrates a willingness to obstruct regulatory oversight. This behavior suggests a disregard for the regulatory framework designed to protect investors.
3. Indefinite Suspension
Blanchard’s current indefinite suspension from the securities industry as of January 2025 means he cannot legally act as a broker or investment adviser representative. Any continued attempt to provide investment advice while suspended would constitute a further regulatory violation.
4. Multiple Employer Terminations
Being discharged from a firm following allegations of misconduct is significant—having this occur multiple times establishes a pattern that potential investors should find deeply concerning.
5. Failure to Comply with Arbitration Obligations
The recent suspension for failing to comply with arbitration awards or settlement agreements suggests that Blanchard may not have fulfilled financial obligations to harmed investors.
Legal and Regulatory Framework: Rules Potentially Violated
Based on the information in Blanchard’s BrokerCheck report, several FINRA rules appear to have been violated:
FINRA Rule 2010 (Standards of Commercial Honor)
This fundamental rule requires brokers to “observe high standards of commercial honor and just and equitable principles of trade.” The falsification of documents and misleading communications with both employers and regulators represents a clear violation of this standard.
FINRA Rule 8210 (Provision of Information)
This rule requires members and associated persons to provide information and testimony in connection with FINRA investigations. Blanchard’s provision of false information during FINRA’s investigation constitutes a serious violation of this rule.
FINRA Rule 12904 (Compliance with Arbitration Awards)
Failure to comply with arbitration awards or settlements results in automatic suspension under FINRA rules. Blanchard’s indefinite suspension beginning January 2025 appears to stem from such non-compliance.
Breach of Fiduciary Duty
As an investment adviser representative with multiple firms, Blanchard would have had a fiduciary duty to act in his clients’ best interests. The documented pattern of deception raises serious questions about whether he upheld this fundamental obligation.
Guidance for Investors Who May Have Been Affected
If you were a client of Steven Michael Blanchard at any of his firms, particularly his most recent positions at LPL Financial or Raymond James Financial Services, you should consider taking the following steps:
1. Review All Account Documentation
Carefully examine all investment recommendations, account statements, and communications you received from Blanchard. Look for any inconsistencies, unauthorized transactions, or investments that may not align with your stated goals and risk tolerance.
2. Request Complete Account Records
Contact the firm where your accounts were held and request complete copies of all account documentation, including:
- Account opening documents
- Investment recommendations and rationales
- All transaction histories
- Risk profile assessments
- Communications with your advisor
3. Assess Performance Against Benchmarks
Compare the performance of your investments against appropriate market benchmarks to determine if your portfolio has underperformed. While underperformance alone isn’t evidence of misconduct, it may be a sign of unsuitable investment recommendations.
4. Understand the Timing Limitations
Be aware that FINRA arbitration claims generally must be filed within six years of the events giving rise to the dispute. If you believe you may have been harmed by misconduct, it’s important to act promptly to preserve your legal rights.
5. Consider Professional Evaluation
Have your investment accounts and recommendations professionally evaluated by a securities attorney who specializes in investment fraud and broker misconduct. They can help identify potential violations and advise on legal options.
How Our Securities Fraud Law Firm Can Help
Our firm specializes in representing investors who have suffered losses due to financial advisor misconduct, including document falsification, misrepresentations, and unsuitable investment recommendations. We offer comprehensive services to help recover your investment losses:
Thorough Case Evaluation
We begin with a detailed analysis of your investment history, account documentation, and communications with your advisor. This evaluation helps identify potential violations and determine the strength of your case.
Expert Securities Law Representation
Securities law is a specialized field requiring specific expertise and experience. Our attorneys focus exclusively on securities fraud and have successfully represented numerous clients in FINRA arbitration proceedings.
FINRA Arbitration Advocacy
Most disputes with brokers are resolved through FINRA’s arbitration process rather than in court. Our attorneys have extensive experience navigating this process and presenting compelling cases before arbitration panels.
No Recovery, No Fee Structure
We handle most investment fraud cases on a contingency fee basis, meaning you pay no legal fees unless we recover money for you. This arrangement aligns our interests with yours and provides access to quality legal representation regardless of your current financial situation.
Comprehensive Damages Assessment
We work with financial experts to accurately calculate the full extent of your damages, including:
- Direct investment losses
- Lost opportunity costs
- Interest
- Potential recovery of fees paid
- Costs associated with tax consequences
Don’t let the complexities of securities regulations prevent you from seeking justice. If you’ve suffered losses while working with Steven Michael Blanchard or have concerns about his handling of your investments, reach out immediately to our experienced securities fraud attorneys. Taking prompt action is crucial to protecting your rights and potential recovery. Call 800-950-6553 today for a confidential consultation to discuss your unique situation.
