FINRA has barred former Cambria Capital, LLC broker Steven Musielski from the securities industry. Musielski consented to the sanction and to the entry of findings that he refused to provide documents and information requested by FINRA in connection with an investigation into his sales practice activity. The FINRA findings stated that the request sought to investigate Musielski’s potential exercise of discretion without written authorization, potential excessive trading, and potentially unsuitable investments in leveraged and inverse-leveraged securities.
If you have lost money with Steven Musielski, or Cambria Capital, LLC, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.
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FINRA Letter of Acceptance, Waiver, and Consent No. 2021070896602
Steven Musielski and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on November 9, 2021, after FINRA alleged that Musielski refused to provide documents and information in response to a FINRA Rule 8210 request, in violation of FINRA Rules 8210 and 2010.
FINRA indicated that the matter originated from its 2020 cycle exam of Cambria Capital.
FINRA Rule 8210(a)(1) states, in relevant part, that FINRA may require a person subject to its jurisdiction “to provide information orally, in writing, or electronically … and to testify at a location specified by FINRA staff … with respect to any matter involved in [a FINRA investigation [or] examination.” FINRA Rule 8210(c) further states that “[n]o … person shall fail to provide information or testimony … pursuant to this Rule.” A violation of FINRA Rule 8210 is also a violation of FINRA Rule 2010, which requires member firms and associated persons, in the conduct of their business, to “observe high standards of commercial honor and just and equitable principles of trade.”
On September 24, 2021, FINRA sent a request to Musielski for the production of information and documents pursuant to FINRA Rule 8210 in connection with an investigation into Musielski’s sales practice activity. The request sought to investigate Musielski’s potential exercise of discretion without written authorization, potential excessive trading, and potentially unsuitable investments in leveraged and inverse-leveraged securities. Through counsel, Musielski communicated to FINRA that he would not produce the information or documents requested.
By refusing to produce the information or documents as requested pursuant to FINRA Rule 8210, Musielski violated FINRA Rules 8210 and 2010.
Steven Musielski (CRD#: 2128821)
Musielski entered the securities industry in 1991 and has 30 years of experience.
Musielski has been associated with numerous firms throughout his career. On January 2, 2019, he registered with FINRA as a General Securities Representative and a General Securities Principal through Cambria Capital, LLC. On September 7, 2021, Cambria Capital filed a Form U5 stating that Musielski voluntarily terminated his association with the firm.
According to Musielski’s public FINRA CRD, he voluntarily resigned from Cambria Capital after he “made comments to Cambria’s Compliance department that he had possibly utilized time and price discretion for a period longer than the date the order was received. Cambria is investigating whether records exist to support the potential violation of industry rules and/or firm policies and procedures regarding use of time and price discretion.”
Musielski was previously registered with Spencer Edwards, Inc. in Placentia, CA, between November 2013 and December 2018. FINRA expelled the firm from the securities industry in September 2019.
How to Recover Losses or Obtain a Free Consultation
If you have lost money with Steven Musielski, or Cambria Capital, LLC, contact FINRA arbitration lawyers August Iorio and Jorge Altamirano of Iorio Altamirano LLP at email@example.com, firstname.lastname@example.org or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. We pursue FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by financial advisors and brokerage firms.