Investigating Complaints Against Daniel Steiner and Lincoln Financial Advisors in Jacksonville, FL

Investigating Complaints Against Daniel Steiner and Lincoln Financial Advisors in Jacksonville, FL

Did you lose money due to investments that you made with Daniel Robert Steiner and Lincoln Financial Advisors Corporation in Jacksonville, Florida? If so, the attorneys of Investment Loss Recovery Group want to help you. We are currently investigating complaints by Mr. Steiner’s former clients about his alleged mismanagement of their accounts.

Our attorneys are former licensed securities brokers and defense counsel for large Wall Street brokerage firms who have more than 40 years of combined legal experience. We know how to identify and investigate broker misconduct and how to fight for the maximum recovery of our clients’ investment losses. We are a national law firm that works with clients throughout the country. Contact us today to learn more about your rights and options in a free case review.

Who Is Daniel Robert Steiner?

You can find information about Daniel Robert Steiner (CRD# 4565987) through two publicly accessible databases the Financial Industry Regulatory Authority (FINRA) Central Registration Depository (CRD) and the Investment Adviser Registration Depository (IARD). Based on Mr. Steiner’s FINRA BrokerCheck and IARD Public Disclosure reports:

Mr. Steiner has spent approximately 16 years in the securities industry. His record shows that he has passed several industry examinations, including:

  • Series 7 (General Securities Representative)
  • Series 31 (Futures Managed Funds)
  • Series 66 (Uniform Combined State Law).

Currently, he is neither a registered securities broker or investment adviser representative. His record indicates that Mr. Steiner previously was registered with the following firms:

Firm name Branch Location Registration dates

Dempsey Lord Smith, LLC Rome, GA August 2016 to November 2016

Triad Advisors, Inc. Norcross, GA May 2016 to May 2016

Lincoln Financial Advisors Corp. Jacksonville, FL July 2004 to April 2016

Lincoln National Life Insurance Co. Jacksonville, FL July 2004 to April 2006

Morgan Stanley DW Inc. Purchase, NY September 2002 to May 2004

What Are the Complaints Against Daniel R. Steiner?

On February 23, 2017, Mr. Steiner’s former clients filed a complaint against him in FINRA arbitration based on investments which he made on their behalf during his time at Lincoln Financial Advisors. (FINRA Docket Number 17-00494).

The complaint alleged that Mr. Steiner improperly managed client accounts from 2013 to 2015. It also claimed that he gave clients advice about their investment portfolio which was “not with their best interest in mind.”

Additionally, an IARD report shows that Lincoln Financial Advisors discharged Mr. Steiner on April 5, 2016 due to “failure to meet the terms of his heightened supervision plan.” In a broker statement, Mr. Steiner stated that he voluntarily resigned on that date, and the firm changed his status to discharged on May 5, 2016 due to his failure to complete his heightened supervision. However, the statement claims, “I have a document signed by my supervisor stating that I had completed my heightened supervision at [the] time of my resignation.”

The IARD Public Disclosure and BrokerCheck reports show that Mr. Steiner had three significant tax liens filed against him between May 2009 and December 2013, totaling $127,150.23.

How Can Customers Pursue Lost Money from Investments with Daniel Steiner and Lincoln Financial Advisors?

Investors rely on securities brokers to provide them with sound, trustworthy advice and to responsibly manage their investment portfolios. For instance, FINRA Rule 2111, or the “suitability rule,” requires brokers to “have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the [firm] or associated person to ascertain the customer’s investment profile.” The broker must consider factors such as the client’s:

  • Age
  • Financial situation and needs
  • Tax status
  • Other investments
  • Investment objectives
  • Investment experience
  • Investment time horizon
  • Liquidity needs
  • Risk tolerance.

Brokers can violate this rule, betray their clients’ trust and cause them to suffer significant financial losses when they engage in misconduct such as:

  • Failing to diversify a client’s portfolio (or by overconcentrating funds in a particular investment, class of investments or market sector)
  • Making securities transactions on the client’s behalf without first contacting the client, getting the client’s authorization or otherwise having authority to do so
  • Making misrepresentations or failing to disclose important facts about an investment to a client.

Additionally, a brokerage firm is responsible for adequately supervising the brokers and financial advisors which it employs. The failure of a firm to provide adequate supervision of its brokers may make the firm liable for the investment losses that customers suffer due to a broker’s misconduct. (See FINRA Rule 3110.)

Contact Our Investment Fraud Attorneys Today for a Free Case Review

If you lost money with Dan Steiner or Lincoln Financial Advisors in Jacksonville, Florida, contact Investment Loss Recovery Group today for an independent investigation of your case. As a national law firm, we can help clients regardless of where they live.

Our attorneys are former licensed securities brokers and Wall Street brokerage firm defense lawyers who are dedicated to protecting the rights of wronged investors. Our legal experience includes an extensive background in investment litigation and securities arbitration. We know how to thoroughly investigate broker misconduct and inadequate supervision claims. We also know how to formulate effective strategies that are designed to achieve the maximum recovery of our clients’ investment losses.

Under FINRA rules, you generally must file an arbitration claim within six years from the transaction or occurrence which gave rise to your claim. However, a statute of limitations may apply to your case which provides a shorter time period even as short as two years. For this reason, you should contact Investment Loss Recovery Group as soon as possible to discuss your case in a free consultation.

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