Stifel Nicolaus Awarded Promissory Note Money in FINRA Arbitration

A Financial Industry Regulatory Authority (FINRA) panel ruled that a former Stifel, Nicolaus broker, Christian Harkness, must pay the firm $439,706 in compensatory damages as well as interest at a rate of 4.5% per year of the award until it’s paid in full and any costs of collection. Stifel is the latest brokerage firm to get back money from a promissory note awarded to a former broker. Typically, FINRA panels side with brokerage firms over the advisor in cases involving promissory notes. But the past several months have seen large awards going to the brokers.

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