STEVEN SCOTT DURBIN is currently employed as a Broker and/or Investment Adviser at HILLTOP SECURITIES INDEPENDENT NETWORK INC. located at 306 N. CLEVELAND-MASSILLON RD., AKRON, OH, 44333.
STEVEN SCOTT DURBIN has worked at HILLTOP SECURITIES INDEPENDENT NETWORK INC. since May 20, 2010
Disclosure History
STEVEN SCOTT DURBIN has 2 Disclosure Event(s).
Date: July 21, 2005 Category: Customer Dispute Allegations: THE CUSTOMER ALLEGES THAT MR. DURBIN TRANSFERRED ASSETS TO A TRUST, TRANSFERRED MONIES FROM ONE MUTUAL FUND TO ANOTHER, AND RECOMMENDED UNSUITABLE INVESTMENTS. THE CUSTOMER ALSO ALLEGES THE UNAUTHORIZED WITHDRAWALS FROM HER ACCOUNT IN THE AMOUNT OF $300,000.AS A RESULT OF MR. DURBIN MISMANAGING HER ACCOUNT, THE CLIENT ALLEGES THAT SHE HAS SUFFERED DAMAGES EXCEEDING $1,000,000 BUT SHE IS WILLING TO SETTLE THE MATTER FOR $250,000. Damage Amount Requested: $1,000,000.00 Settlement Amount: $35,000.00 Broker Comment: THE ACTIVITY ALLEGEDLY OCCURRED BETWEEN 1996 AND 2002. THE CUSTOMER HAS WAITED 3 YEARS TO FILE A COMPLAINT. MR. DURBIN DENIES ALL ALLEGATIONS. HE STATED THAT THE ASSETS WERE TRANSFERRED INTO A TRUST WHICH WAS SETUP BY [THIRD PARTY]. MR. DURBIN SIMPLY FOLLOWED THE CUSTOMER'S INSTRUCTIONS. THE TRANSFERS BETWEEN MUTUAL FUNDS WERE EXCHANGES BETWEEN THE SAME FAMILY AND THE CUSTOMER WAS CHARGED NO COMMISSIONS. MR. DURBIN STATED THAT THE ACCOUNT WITHDRAWALS WERE CHECKS THAT THE CUSTOMER WROTE HERSELF TO PAY FOR MONTHLY EXPENSES. ACTION EVLOVED INTO LITIGATION THAT WAS LATER SETTLED. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, REP ELECTED TO SETTLE THIS MATTER OUT OF COURT FOR 9% OF THE AMOUNT CLAIMED. REP STATEMENT "TO MY KNOWLEDGE, THE CLIENT RECEIVED $265,000 IN REPAYMENTS. AT THE TIME OF HER INVESTMENT INTO THE PRIVEATE VENTURE, SHE WAS A KNOWLEDGEABLE INVESTOR WITH A LIQUID NET WORTY BETWEEN 1 AND 2 MILLION DOLLARS. IN JULY 2005, THIS SAME FORMER CUSTOMER ISSUED A WRITTEN COMPLAINT AGAINST ME ALLEGING CHURNING, UNAUTHORIZED WITHDRAWALS, AND ESTABLISHING A TRUST TO AVOID FEDERAL TAXATION. CLIENT WAS PRESENTED WITH A DETAILED ANALYSIS OF ALL ACTIVITY IN HER ACCOUNTS EFFECTIVELY NEGATING HER CLAIMS. CLIENT NEVER RESPONDED TO OUR PRESENTATION OF DOCUMENTED FACTS FOR MORE THAN TWO YEARS, AND THE COMPLAINT EXPIRED WITHOUT ACTION".
Date: April 01, 1992 Category: Customer Dispute Allegations: MENTIONED AS A DEFENDANT FOR BAD PARTNERSHIPS DEALS THAT I WAS LICENSED THROUGH. THE AMOUNT WAS $500,000. LATER SETTLED FOR $50,000. Damage Amount Requested: $500,000.00 Settlement Amount: $50,000.00 Broker Comment: SETTLEMENT OF $50,000. PAID OVER SEVEN YEARS AGAINST MY FATHER AND MYSELF. MY FATHER PAID $11,000 BUT WENT BANKRUPT IN 1995. LEAVING ME HOLDING THE BAG. HE CURRENTLY IS PAYING THE DEBT DOWN SLOWLY. I WAS LICENSED AT AGE 22 FOR SECURITIES BECAUSE MY FATHER WAS UNABLE TO BE DUAL LICENSED WITH INTEGRATED RESOURCES. INVESTMENTS IN PARTNERSHIPS WERE RECOMMENDED WITH ME AS REP IN CERTAIN SITUATIONS FROM 1983 TO 1989. I DID NOT RECOMMEND ANY OF THESE INVESTMENTS. SOME PARTNERSHIPS WENT BAD IN THE EARLY 90'S AND [CUSTOMER] SUED MY FATHER AND MYSELF FOR $500,000. A SETTLEMENT WAS REACHED FOR $50,000. WHICH I RELUCTENTLY SIGNED AS A CO-SIGNER. MY FATHER WENT BANKRUPT IN 1995 AND ONLY $11,000. HAS BEEN PAID. HE IS CURRENTLY PAYING THE NOTE DOWN. BUT THERE IS A JUDGEMENT AGAINST ME SINCE THE SETTLEMENT IS NOT PAID CURRENT.
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