Articles Tagged with Stifel Nicolaus

Chicago-based Stoltmann Law Offices is representing investors who’ve suffered losses from dealing with broker-advisors who’ve executed unsuitable short-term trading strategies. When a broker takes your money in and out of investment products intended to be held long term, like Unit Investment Trusts or mutual funds, the brokerage firm can be liable for any losses sustained.

FINRA, the U.S. securities industry regulator, recently concluded a sweep of Unit Investment Trust (UIT) sales that resulted in a combined $16.8 million in restitution payments and $6.6 million in fines against six firms, according to UITs are mutual-fund-like vehicles sold by brokers that carry high up-front fees or “loads”.

The regulator reached a settlement with two Wells Fargo Advisors broker-dealers “that agreed to pay $3.1 million in fines and restitution over failure to supervise improper short-term trading of UITs. The sanctions, which were levied against the firm’s core Wells Fargo Clearing Services broker-dealer and Wells’ independent Financial Network unit, included almost $2.5 million in restitution and $650,000 in fines.” The FINRA sweep previously “also hit Merrill Lynch, which paid the lion’s share of the penalties with $11.65 million in fines and restitution, as well as Stifel Nicolaus & Co., Cambridge Investment Research, and Oppenheimer & Co.”

Forest-Oil-Uses-Spotfire-to-Drill-Down-to-Real-Results-300x174Were you recommended oil and gas investments by Stifel Nicolaus financial advisor Andrew Elsoffer (30100 Chagrin, Suite 101, Pepper Pike, OH, 44124)?  If so, those losses are potentially recoverable in the FINRA arbitration forum.  Brokers are obligated to make investment recommendations that are suitable and consistent with their clients objectives, net worth, age and other holdings.  Recommendations in Lynn Energy and other oil and gas concentrated investments may have been unsuitable and therefore entitle the investor to damages.   If you were recommended oil and gas related investments by Andrew Elsoffer, please contact our law firm for a free review by a lawyer.

AdobeStock_90383187-1-300x194Former Liberty Partners Financial Services broker Jeffery Fanning was recently suspended from the securities industry for six months by the Financial Industry Regulatory Authority (FINRA). Fanning allegedly failed to reasonably supervise potential excessive trading by other representatives at the firm. Fanning agreed to pay a fine of $20,000 and was suspended for six months in all capacities by FINRA because of this misconduct. Churning, or excessive trading is a particularly egregious form of broker misconduct, because the broker trades in and out of securities, sometimes within the same day. This can lead to large commissions for the broker, but unnecessary fees for the client. It is against securities laws and internal firm rules.
Jeffery Alan Fanning, according to FINRA records online, was previously registered with Kennedy, Cabot & Co., Rowland, Simon & Co., Stifel, Nicolaus & Company, Inc., Wilshire Discount Securities, Thomas F. White, Midwest Discount Brokers, Emmett A Larkin Company, Andrew Garrett Inc., Banc One Securities and Liberty Partners in West Palm Beach, Florida from May 2004 until March 2017. He has three customer disputes against him, one of which is pending. They allege mismanagement, and failure to detect/supervise actions of a representative, among other things. He has four regulatory matters against him. He is not currently registered as a broker, and has been suspended from the industry.

AdobeStock_50775754-2-300x200Attorneys at Stoltmann Law Offices are investigating sexual harassment claims against brokerage firms such as Stifel Nicolaus. Lawsuits have been filed against the bank previously, alleging sexual harassment and other misconduct by employees. According to a lawsuit filed in 2015, Stifel Nicolaus alleged that Penney Sick had breached her terms of a promissory note and sought $258,676.01 of principal due on the note, interest, attorney’s fees and costs. Sick filed a counterclaim against Stifel, and a third party claim against James Wohlford, an employee with the firm. Sick alleged sex and sexual orientation harassment against Stifel and Wohlford, sex and sexual orientation discrimination against Stifel Nicolaus. She sough back-and-front pay, punitive damages, interest, attorney’s fees and costs. Stifel Nicolaus was found liable and ordered to pay Sick $232,923.97.

AdobeStock_49363801-1-300x200If so, the attorneys at Stoltmann Law Offices are interested in speaking to you regarding those losses. Recently, Mr. Elsoffer was accused of securities fraud, misrepresentation, unsuitability, breach of fiduciary duty, elder abuse and negligence, among other allegations. These are all against securities rules, with securities fraud covering a wide range of activities, such as the deception of investors or the manipulation of the financial markets, false representations, unauthorized trading, value manipulation and ponzi schemes. We are Chicago and Barrington, Illinois-based securities attorneys who take cases for investors who have lost money on a contingency fee basis, which means we do not make money unless you recover yours. According to his public records with the Financial Industry Regulatory Authority (FINRA), Mr. Elsoffer was registered with Merrill Lynch in Pepper Pike, Ohio from March 1995 until November 2011 and is currently registered with Stifel, Nicolaus in Pepper Pike and has been since November 2011. He has six customer disputes against him.

AdobeStock_91053286-1-300x194James Cox, a former broker with Sterne, Agee in Baton Rouge, Louisiana, entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). Allegedly, in the fall of 2014, Cox recommended to a 59-year-old customer that she swap a variable annuity and sell another variable product to fund the purchase of two fixed equity-indexed annuities and liquidate three more variable annuities. This generated $25,460 worth of commissions for himself and FINRA stated that Cox had no reasonable basis to recommend those products because the customer had a preference for strong income-stream growth potential. These exchanges also exposed the client to risky charges if she cashed in during the new seven-year surrender period that the new purchases triggered. Cox violated core suitability standards that hold brokers to a fiduciary standard.
According to his FINRA BrokerCheck report, Cox was registered with FSC Securities Corp in Atlanta, Georgia from August 1993 until March 1997, Securities America in Baton Rouge from March 1997 until February 2008, Stanford Group Company in Baton Rouge from February 2008 until March 2009, Sterne Agee in Baton Rouge from March 2009 until July 2015 and Stifel Nicolaus in Baton Rouge from July 2015 until April 2017. He has four customer disputes against him and is currently not registered within the industry. Please call our Chicago-based securities law firm today to find out how you may be able to sue Stifel Nicolaus on a contingency fee basis in order to recover your money. There is a statute of limitations on most cases so please call today. 312-332-4200.

AdobeStock_50775754-2-300x200You are. Raymond James can be sued in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis if you lost money with one of its brokers. William McWilliams, a former broker with Raymond James, recently entered into a Letter of Acceptance, Waiver and Consent (AWC) with FINRA, wherein he was accused of exercising discretionary trading authority without obtaining prior written authorization from his customer and the firm. This allegedly occurred at least 28 times in eight customer accounts. This is against securities rules and regulations, and, on February 27, 2015, Mr. McWilliams was terminated from the firm for violation of firm policies. He was also fined $7,500 and suspended for 10 days from the industry.
William McWilliams was previously registered with Waddell & Reed in Springfield, Massachusetts from September 2007 until February 2013 and Raymond James in Jefferson City, Missouri from January 2013 until March 2015. He is currently registered with Stifel, Nicolaus & Company in Columbia, Missouri and has been since April 2015, according to his FINRA public records. Please call our securities law firm today at 312-332-4200 to find out how to bring a claim against Raymond James if you suffered losses with William McWilliams. We take cases on a contingency fee basis only, so we only are paid if you recover your investment losses. The call is free with no obligation. We can help you sue Raymond James in the arbitration forum. We are based in Chicago, Illinois.

AdobeStock_112465076-1-300x164Stoltmann Law Offices is interested in speaking to those investors who may have invested with Aileen Eppig, a former broker with International Assets Advisory in Orlando, Florida. Ms. Eppig was accused of recommending unsuitable investments, executing excessive trades, exercising unlawful discretion and negligently misrepresenting material facts. These are all against securities laws. On a separate occasion, she “accepted loans from a customer totaling $103,000 and failed to disclose a 2013 judgment for $704,843.70,” which are also against securities laws. For these, she was barred from the industry.

According to her online BrokerCheck report with the Financial Industry Regulatory Authority (FINRA), Ms. Eppig was registered Prudential Securities Inc. in New York, New York from April 1978 until January 1995, A.G. Edwards & Sons in Smithtown, New York from January 1995 until January 2008, Wells Fargo in Smithtown from January 2008 until May 2009, Stifel, Nicolaus & Company in Hauppauge, New York from May 2009 until October 2015 and International Assets Advisory in Orlando, Florida from March 2016 until May 2016. She has two customer disputes against her and has been permanently barred from the industry. Please call our securities law firm in Chicago at 312-332-4200 today for a no-cost, no-obligation consultation.

AdobeStock_66548440-1-300x169Were you a client of Assan Faal while he was affiliated with National Securities Corp, Stifel Nicolaus or Sterne Agee? If so, the investment losses that you sustained might be recoverable through the FINRA arbitration claims process. Mr Faal was recently permanently barred from the securities industry. His previous brokerage firms had an ironclad duty and obligation to supervise his activities. The failure to do so can make the firm liable and responsible for any losses that may have been sustained. Please call our investment fraud law firm in Chicago Illinois at 312-332-4200 for no cost review by an attorney

AdobeStock_82110313-1-300x125Nathan Karras, a registered broker with Stifel, Nicolaus has been accused of making executed unauthorized, excessive and “ultra-aggressive” trades. He also allegedly misrepresented material facts related to an annuity product, recommended an unsuitable investment and breached his fiduciary duty, among other things. Making ultra-aggressive trades is a particularly egregious activity, one that is done so that the broker can make large commissions, typically at the expense of the client. A broker must take into account a client’s age, net worth, investment objectives and investment portfolio before recommending investments. If you or someone you know lost money with Nathan Karras, please call our law firm today to find out how you can bring a legal claim against Stifel, Nicolaus for not properly supervising Karras. We sue firms in the FINRA arbitration forum on a contingency fee basis only, which means we only make money if you recover yours. The call is free so please call today. 312-332-4200. We are based in Chicago and Barrington, Illinois.

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