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Florida Broker Barred from Securities Industry After Providing False Information to FINRA Investigators

Stefan Anton Pastor (CRD#: 5141819) is a former registered investment advisor and former licensed securities broker. From 2013 to 2018, Mr. Pastor served as a representative of Raymond James Financial Services in Fort Lauderdale, Florida. Before that, he was also associated with Walnut Street Securities and Ameriprise Financial.

On September 4th, 2019, Stefan A. Pastor was barred by the Financial Industry Regulatory Authority (FINRA) for providing false and misleading on-the-record testimony. Mr. Pastor was giving testimony in connection with an investigation into allegations that he engaged in unauthorized trading.

Barred Broker: Stefan Pastor Formerly of Raymond James Financial Services 

On April 6th, 2018, Stefan Pastor was discharged by Raymond James Financial Services after one of his clients alleged that he made unauthorized purchases in her brokerage account. In the months following his termination at the broker-dealer, two investor complaints were filed against this financial advisor:

  • In April of 2018, an investor filed a claim alleging forgery and unauthorizing trading in connection with her account. The complaint was eventually settled for $60,000 in damages.
  • In January of 2019, an investor filed a claim alleging that an unauthorized insurance payment was made out of her account. The investor is seeking $46,995.40 in damages and the case is currently listed as pending.

FINRA launched its own investigation into the conduct of Mr. Pastor. Eventually, Mr, Pastor agreed to give on-the-record testimony to regulators. Under FINRA Rule 8210, all registered financial advisors have a professional duty to provide accurate, truthful answers when giving testimony to FINRA.

According to the agency, former Raymond James financial advisor Stefan Pastor provided false and misleading testimony. More specifically, FINRA contends that Mr. Pastor falsely claimed that the customer who raised the initial unauthorized trading claim against him has actually authorized the trades. He produced documents that are alleged to be forgeries.  

FINRA Sanctions Against Florida Broker Stefan Pastor 

Without admitting to or denying any of the allegations raised against him by customers of Raymond James and by securities regulators, Stefan Pastor consented to FINRA’s proposed sanctions. Among other things, Mr. Pastor has agreed to accept an indefinite bar from associating with any member firm in any capacity.

Brokers that made unauthorized transactions must be held accountable for their misconduct. Investors should be able to rely on their financial advisor to only make trades and transactions that have been approved by the investors. If you have a non-discretionary brokerage account, your financial advisor must obtain express authorization for each and every individual transaction. Failure to do so is a violation of your rights. 

Speak to Our Miami, FL Unauthorized Trading Attorney Today

At ​Carlson & Associates, P.A., our Miami unauthorized trading lawyers are knowledgeable and diligent advocates for investors. We are committed to helping investors recoup compensation for their damages. If you lost money as a result of unauthorized trades by a financial advisor, we are prepared to help. To arrange a strictly confidential initial consultation, please call our Miami law office right away.

Resource:

brokercheck.finra.org/individual/summary/5141819

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