Steve Berrocal, Broker with Truist Investment Services, Named in Three Pending Customer Disputes Alleging Unsuitable Investment Recommendations

The claimants are seeking over $1.5M in damages, collectively.

Stephen “Steve” Berrocal (CRD#: 3071400) is registered as a broker and investment adviser with Truist Investment Services, where he has been employed since 2013. Previously, Berrocal was registered as an investment adviser with SunTrust Investment Services from 2013 until 2016.

Berrocal has three disclosures on his BrokerCheck report.

April 2021 Customer Dispute

• Status: Pending
• Allegations: Claimant alleges investment was unsuitable.
• Damage Amount Requested: $430,000.00

March 2021 Customer Dispute

• Status: Pending
• Allegations: Client alleges unsuitable recommendations.
• Damage Amount Requested: $626,111.68

September 2020 Customer Dispute

• Status: Pending
• Allegations: Client alleges unsuitable recommendations
• Damage Amount Requested: $500,000.00
• Broker Comment: At the time of the recommendation, Northstar’s fixed rate investment contracts had been approved for sale on the SunTrust platform for many years and, based on the product’s features and track record, appeared by all accounts to align perfectly with the clients’ investment needs and objectives. Subsequent events arising from the later sale of Northstar to a different entity adversely impacted the company’s ability to honor contract holder redemption requests. However, there is no way I could have known about or anticipated those events when I recommended the product to these clients.

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The Sonn Law Group is currently investigating allegations surrounding Steve Berrocal. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.