What Did Your Brokerage Firm or Investment Adviser Do Wrong With GWG
Published On: November 4, 2015

Stoltmann Law Offices is investigating Stephen Marc Biley, who entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). He is currently registered with Spencer Edwards. He was accused of participating in the sale of unregistered shares of four over-the-counter penny stocks on behalf of three customers between January and April 2011. He allegedly deposited and liquidated over 3.5 billion penny stock shares of four issuers, including Encounter Technologies, Strategic Management and Opportunity Corp, All-State Properties Holdings and Greene Concepts, receiving a total of over $1.6 million in proceeds. This is against securities rules and regulations. For this, Biley was fined $30,000 and suspended from associating with any FINRA member firm in any capacity for 30 days.

Biley was registered with John Hancock Mutual Life Insurance in Boston, Massachusetts from July 1993 until July 1995, John Hancock Distributors in Boston from July 1993 until July 1995, Mony Securities Corp in New York, New York from June 1995 until January 1996, Royce Investment Group in Woodbury, New York from February 1996 until October 1996, Corporate Securities Group in St. Louis, Missouri from September 1996 until November 1997 and Lumiere Securities Inc. in Denver, Colorado from November 1997 until December 1998. He is currently registered with Spencer Edwards in Centennial, Colorado and has been since January 1999.

If you invested money with Stephen Marc Biley, please call our Chicago-based securities law firm at 312-332-4200 to speak to an attorney. We take cases on a contingency fee basis only, which means we do not receive money unless you recover yours. The call is free with no obligation. We sue firms such as Spencer Edwards in the FINRA arbitration process for not properly supervising their brokers. They can be held liable for your investment losses because of this.


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