Former Fifth Third Securities, Inc. (Fifth Third Securities) broker Steven Dunkelberg submitted a Letter of Acceptance, Waiver and Consent in which he consented to, but did not admit to or deny, the entry of the Financial Industry Regulatory Authority’s (FINRA) findings that he misappropriated $4,970.08 of a customer’s bank account without the customer’s knowledge or consent.
According to FINRA, Steven James Dunkelberg Jr., of Grand Rapids, Michigan, forged his customer’s name on five different occasions on bank account withdrawal slips. Mr. Dunkelberg allegedly made the withdrawals from his customer’s Fifth Third Securities account without the customer’s knowledge or consent. FINRA found that Mr. Dunkelberg misappropriated $4,970.08 from the customer’s account. Consequently, Steven Dunkelberg was barred from association with any FINRA member in any capacity.
All broker-dealers, including Fifth Third Securities, have a fiduciary duty to protect customers from broker misconduct. They are required by law to establish and implement a reasonable supervisory system in order to prevent broker misconduct. If broker-dealers do not establish and implement these protective measures, they may be liable to investors for damages flowing from the misconduct. Therefore, investors who have suffered losses stemming from a financial professional’s misappropriation of funds and/or other fraudulent activity can bring forth claims to recover damages against broker-dealers like Fifth Third Securities, which should consistently oversee its employees’ activities in order to prevent the above-described prohibited conduct.
Have you suffered losses in your Fifth Third Securities investment account due to your stockbroker’s misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against stockbrokers and other financial professionals for misappropriation of funds, mismanagement of accounts, and/or other unauthorized and illegal conduct.
The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 33 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities, and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please post a comment, call (800) 732-2889, send Mr. Pearce an email at firstname.lastname@example.org, and/or visit our website at www.secatty.com for answers to any of your questions about this blog post and/or any related matter.