Broker Steven Milcinovic, currently registered with Arbor Court Capital, is turning heads in the financial sector. Not for his performance, but rather a recent legal development. His BrokerCheck record shows that on February 16, 2024, he became the subject of a civil lawsuit.
Unsettling Allegations
Milcinovic was named in a legal challenge by Mosaic Financial LTC and Accuvest Global Advisors on October 20, 2023. The organizations accuse the broker of negligently misrepresenting a private placement. From the filings, Milcinovic allegedly contributed to a scheme that defrauded investors while operating within a mutual fund transfer agent.
These allegations put him in direct violation of the Financial Industry Regulatory Authority’s (FINRA) regulations. Specifically, FINRA Rule 2020 speaks directly against misrepresentation and the omission of material facts.
What this means for Investors
Under FINRA Rule 2020, all information about an investment’s potential returns, charges, expenses, and fees need to be fully disclosed. By allegedly misrepresenting a private placement, Milcinovic would have essentially sold investment products to his clients under false pretenses.
This sort of behavior not only jeopardizes the integrity of an investment but also puts investors in a precarious financial position. Imagine investing your hard-earned money into an investment you were told would yield high returns, only to find out that these were fabricated statistics — a lucid financial nightmare.
By staging such an act, Milcinovic would have also violated FINRA Rule 2010, which requires brokers to uphold high standards of commercial honor and just and equitable principles of trade. Ignorance of these rules presents a disregard for an essential aspect of financial trading — trust and honor among all parties involved.
Look Out for Investors’ Rights
If you’ve had investments with Steven Milcinovic and are concerned about their legibility, don’t keep quiet. Taking action is the best course of action. Seek a free consultation with a trusted securities attorney who can guide you through the complaint process.
For nearly two decades, securities attorneys have helped investors reclaim their investment losses from brokers and brokerage firms. Reputable law firms work on a contingency basis, which means they only earn a fee if they recover money on your behalf.
Financial gurus reiterate that financial education is the best arsenal for individual investors. Don’t let fraud go unchecked. Start your recovery process today.