Finra bars two brokers, including one with nearly 40 years in the industry

Both Stephen T. Hurtuk and Juergen Weber were barred after failing to particpate in Finra investigations into alleged wrongdoing

Sep 5, 2018 @ 5:41 pm

By Sarah Min

The Financial Industry Regulatory Authority Inc. has barred two veteran brokers, one of whom was in the securities industry for nearly 40 years.

Stephen T. Hurtuk worked as a broker for 39 years, the last 10 of which he spent at Stifel Nicolaus & Co. He left Stifel in 2017. Finra barred Mr. Hurtuk after he declined to participate in an investigation into potentially unsuitable recommendations he allegedly made to eight customers.

According to BrokerCheck, Mr. Hurtuk had eight total disclosure events over the course of his career, seven of which were while he was at Stifel.

Mr. Hurtek began his career at Merrill Lynch in 1978 and worked there for 23 years before moving to Citigroup for six years, and then to Stifel, according to BrokerCheck. In August 2009, he filed for bankruptcy, according to BrokerCheck.

The second broker to be barred, Juergen Weber, spent 23 years in the securities industry, the last seven of which were at Benjamin & Jerold Brokerage I. He was discharged from the firm in July for allegedly making unsuitable recommendations and executing unauthorized trades. After he declined to be interviewed by Finra during its investigation into the allegations and his termination, he was barred. He told Finra he planned on retiring from the securities industry.

Mr. Weber began his career at Prudential Securities in 1995 and worked there for eight years, according to BrokerCheck. He also worked at Wachovia Securities, where he was terminated in 2005 for allegedly making unauthorized trades, according to BrokerCheck. He also worked at A.G. Edwards and Avalon Partners before moving to Benjamin & Jerold, according to BrokerCheck. In 2008, while at Avalon Partners Mr. Weber was suspended by Finra for three months and fined $10,000 for allegedly executing unauthorized trades.

Neither Mr. Hurtuk nore Mr. Weber could be reached for comment.


What do you think?

View comments

Most watched


Young advisers envision a radically different business in five years

Fintech and sustainable investing are two factors being watched closely by some of the 2019 class of InvestmentNews' 40 Under 40.


Schwab's Jeff Kleintop: Prep for volatility given China trade uncertainties

China could be considered a developed market in five to seven years , according to Jeff Kleintop, chief global investment strategist, Charles Schwab.

Latest news & opinion

Funding for Reg BI, other SEC advice reform efforts denied in Waters amendment

House likely to approve measure that effectively kills rule package, but it faces uphill battle in Senate

Wall Street lashes out at Sanders' plan to pay off student debt with a securities trading tax

Financial pros argue that a transaction levy will hurt mom-and-pop investors along with investment houses.

GPB paid B-Ds and reps steep commissions to sell troubled private placements

GPB paid commissions of 9.3%, or $167 million altogether, on the firm's private placements.

Give us a break, active managers say

Seven portfolio managers share their outlooks for the rest of the year, generally agreeing that it's been hard for active managers to stand out.

GPB Capital reports decline in value of two biggest funds

One has dropped by 25.4% and the other by 39%, according to the company.


Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting It'll help us continue to serve you.

Yes, show me how to whitelist

Ad blocker detected. Please whitelist us or give premium a try.


Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print