FINRA suspended Santa Monica, California-based broker Dale Herman Stevens and fined him $5,000 for engaging in an outside business activity without providing notice to his employing firm, Syndicated Capital, Inc.
FINRA'S findings state that from January 2009 to June 2013, Stevens served as board president and a member of the board of directors for three related hedge funds, receiving a total of $43,500 for his service in addition to reimbursement totaling $90,380 for attending international quarterly board meetings.
Stevens allegedly failed to disclose this outside business activity to Syndicated Capital as required by FINRA regulations that exist to increase transparency and mitigate potential conflicts of interest.
Stevens' FINRA BrokerCheck Report also lists a pending civil litigation in the US District Court, District of Nevada in which a customer alleged Stevens' breach of fiduciary duty resulted in $30,000 in damages.
If you have invested with Dale Herman Stevens or with any broker, financial adviser or firm whose failure to disclose key information, such as a related outside business activity or potential conflict of interest, has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for investigation and consultation.