Broker Stephen Sullivan Subject of 8 Disclosures

Stephen Sullivan (CRD #3123249) is a broker currently registered with SW Financial (CRD #145012) of Melville, NY. His previous employers include Newbridge Securities Corporation (CRD #104065), Legend Securities, Inc. (CRD #44952) and Tryco Securities, Inc. (CRD #104025). Sullivan has worked in the industry since 1998, with a number of broker firms in New York State.

Sullivan has 8 disclosures in his career, the first of which is a customer dispute filed on 5/7/2018. The client alleges Sullivan engaged in unsuitable transactions, excessive trading, and failure to supervise, requesting $540,618.00 in damages. Sullivan denies the allegations. In his response, Sullivan states that the client knew about all the transactions and authorized them before they were purchased. This case is currently pending.

In 2016, Sullivan was suspended by FINRA for 10 days and fined $5,000 for “exercising discretion” with two customer accounts without prior written authorization from the clients, and without written permission from the firm. He agreed to the sanctions, signed an Acceptance, Waiver & Consent (AWC) letter, paid the fine and was suspended from 03/07/2016 through 03/18/2016.

Sullivan’s only prior customer complaint was filed on 11/5/2010, by a customer who alleged that he made an unauthorized trade on 08/11/10 of 2,000 shares GDP. Damages were requested in the amount of $27,592.10. Sullivan stated that the customer did authorize this trade, but requested an extension of time to get money into the account. During the extension, Sullivan’s emails were not answered and no monies were added. In the meantime, the stock traded lower, requiring Sullivan to sell the entire lot at a loss. This claim was denied.

His remaining five disclosures are financial in nature, two of which are judgments. One judgment stems from a lease car that was returned, and two others are a civil judgments, one of which Sullivan was completely unaware of until he registered with Brookville.  The remaining two are financial claims with no additional information available.

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