FINRA Fraud and Mismanagement Arbitration Attorney, Russell L. Forkey, Esq.
Steven John Argo (CRD #4418605, Registered Representative, Lockport, New York, formerly licensed with Thrivent Investment Management, Inc.) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Argo consented to the described sanction and to the entry of findings that he converted $72,800 of customer funds by improperly obtaining checks from the customers purportedly to be used for the purchase of a customer’s universal life insurance policies, for customers’ unspecified investments and for adding to a customer’s variable annuity. The findings stated that Argo deposited the customers’ checks into his own personal bank account and converted the customers’ funds for his own use. (FINRA Case #2010025731101).
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