Next Financial Stockbroker Sanctioned By FINRA
Steven S. Maher Sr.of Oradell New Jersey a stockbroker formerly registered with Next Financial Group has been fined $10,000.00 and suspended for two months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings of Maher causing customers to provide him with signed but otherwise incomplete disclosure forms relating to his recommended annuity transactions. Letter of Acceptance Waiver and Consent No. 2017055286901 (Mar. 3, 2020).
According to the AWC, during the time that Maher was associated with Next Financial Group, he was required to prepare variable annuity disclosure forms which showed a comparison between existing and proposed annuities.
The AWC indicated that from December of 2016 and June of 2017, variable annuity recommendations were made by Maher in which he obtained a customer’s signed but only partially completed disclosure form. Maher photocopied customers’ signatures for purposes of completing additional disclosure forms. FINRA determined Maher’s conduct to be violative of FINRA Rule 2010.
FINRA Public Disclosure reveals that on October 17, 2019, a customer filed an investment related civil action in the Superior Court of New Jersey in regard to Maher’s conduct where the customer sought more than $5,000.00 in damages because of bad annuity transactions and fund transfers initiated by Maher. Civil Action No. BER-L-6177-19. According to the claim, a fiduciary duty that Maher owed to the customer was breached and an investment agreement was violated. The claim also alleged negligence and misrepresentation. Maher’s registration with Next Financial Group was terminated on August 15, 2017.
Since September 7, 2017, he has been associated with American Portfolios Financial Services Inc.