Our firm is investigating Merrill Lynch, Pierce, Fenner & Smith Incorporated financial advisor and stockbroker Steven Goethel (CRD# 5861475) of Jupiter, Florida for potential investment-related misconduct.
Steven Goethel’s Financial Advisor Career History
Steven Goethel is currently registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, also known as Merrill Lynch, at the firm’s branch office located at 900 S US Highway 1, Jupiter, Florida 33477. FINRA BrokerCheck lists Merrill Lynch’s firm CRD number as 7691.
Goethel has been registered with Merrill Lynch as a broker since December 14, 2010, and as an investment adviser representative since February 23, 2011. BrokerCheck reports no prior securities firm registrations for Goethel.
His reported employment history includes Merrill Lynch, Pierce, Fenner & Smith Inc. as a financial advisor from October 2010 to the present in Palm Beach Gardens, Florida, and Bank of America, N.A. as a financial advisor from January 2011 to the present in Palm Beach Gardens, Florida.
FINRA reports that Goethel is registered with six self-regulatory organizations and licensed in 28 U.S. states and territories through Merrill Lynch. His passed securities exams include the Series 7 General Securities Representative Examination, Series 31 Futures Managed Funds Examination, Securities Industry Essentials Examination, and Series 66 Uniform Combined State Law Examination.
Steven Goethel Fraud Allegations and Investor Complaints Explained
FINRA BrokerCheck reports one pending customer dispute involving Steven Goethel. The complaint was received on April 2, 2026, and was reported while Goethel was associated with Merrill Lynch, Pierce, Fenner & Smith Incorporated.
The customer alleges misrepresentation and inadequate disclosure relating to alternative investments. The customer also claims that trading activity in her managed accounts resulted in unexpected tax consequences. The product type listed in the disclosure is “Other: Hedge Funds.”
The alleged damages amount is listed as $0.00, but BrokerCheck explains that damages were not specified. The complaint is reported as a written customer complaint, not an oral complaint, arbitration, CFTC reparation, or civil litigation. The matter remains pending, and there is no settlement amount or individual contribution amount reported.
For context, FINRA BrokerCheck lists the disclosure as follows:
- Customer Dispute – Pending
- Reporting source: Broker
- Employing firm when activities occurred: Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Date complaint received: April 2, 2026
- Allegations: Misrepresentation and inadequate disclosure relating to alternative investments; alleged unexpected tax consequences from trading activity in managed accounts
- Product type: Other: Hedge Funds
- Alleged damages: $0.00; damages not specified
- Action: Written customer complaint
- Disposition: Pending
Because the customer dispute is pending, the allegations have not been proven, and there has been no final adjudication or reported settlement. However, the allegations are significant because they involve alternative investments, hedge funds, managed accounts, disclosure obligations, and potential tax consequences arising from trading activity.
To obtain a copy of Steven Goethel’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2020 prohibits brokers from using manipulative, deceptive, or fraudulent devices in connection with the purchase or sale of securities. In the context of the pending customer complaint involving Steven Goethel, allegations of misrepresentation and inadequate disclosure relating to alternative investments may implicate Rule 2020 if the alleged statements or omissions were material to the customer’s decision to invest in hedge funds or other alternative investment products.
FINRA Rule 2111, the suitability rule, requires a broker to have a reasonable basis to believe that a recommended transaction or investment strategy is suitable based on the customer’s investment profile. In this matter, the allegations involve alternative investments and trading activity in managed accounts. If a financial advisor recommended hedge funds, alternative investments, or managed account trading strategies without properly considering the customer’s objectives, risk tolerance, liquidity needs, tax situation, and overall financial profile, that conduct may raise suitability concerns under Rule 2111.
FINRA Rule 2010 requires brokers and brokerage firms to observe high standards of commercial honor and just and equitable principles of trade. In the context of Goethel’s pending disclosure, alleged inadequate disclosure, misrepresentation, and unexpected tax consequences from managed account trading could raise Rule 2010 concerns if the facts show that the customer was not treated fairly, was not given material information, or was exposed to investment-related risks or tax consequences that were not adequately explained.
For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.