Did you suffer investment losses with Stifel Nicolaus & Company (CRD# 793) (SEC# 801-10746, 8-1447)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Stifel Nicolaus & Company. If you suffered losses investing with Stifel Nicolaus & Company, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
As of May 5, 2020, Stifel Nicolaus & Company’s FINRA BrokerCheck Report contains the following:
131 Regulatory Event Disclosures
2 Civil Event Disclosures
54 Arbitration Disclosures
2 Bond Disclosures
UPDATE 5/28/2020: According to the Letter of Acceptance, Waiver, and Consent that Stifel Nicolaus & Company entered into with FINRA on May 27, 2020, FINRA has ordered the firm to pay close to $1.9 million in restitution to about 1,700 customers for failing to supervise recommendations by its associated persons to sell and roll over Unit Investment Trusts (“UIT”) prior to its maturity date and to use the sale proceeds to purchase new UITs, which caused its customers to incur greater sales charges than if the customer had half the UIT until maturity. FINRA also fined the firm $1.75 million for purportedly providing inaccurate information to customers related to rollover costs incurred, and for related supervisory violations. Allegedly, during the relevant period, the firm sent approximately 600 switch letters to customers that contained inaccurate or missing information about the costs that they incurred as a result of early rollovers of the UITs, in violation of FINRA Rule 2010.
Main Office Location
501 NORTH BROADWAY
ST. LOUIS, MO 63102
501 NORTH BROADWAY
ST. LOUIS, MO 63102
Business Telephone Number
Stifel Nicolaus & Company’s Direct Owners and Executive Officers
STIFEL FINANCIAL CORP., SHAREHOLDER
AYD, PAUL JOSEPH (CRD#:2963853), CHIEF COMPLIANCE OFFICER – FIXED INCOME CAPITAL MARKETS
BROOKS, PATRICK RODGERS (CRD#:2223412), ROSFP – CAPITAL MARKETS
FISHER, MARK (CRD#:4970942), GENERAL COUNSEL – STIFEL FINANCIAL
HYDE, GINA ELIZABETH (CRD#:2812751), CCO OF EQUITY CAPITAL MARKETS
KAZEMBE, RITA STEPHANIE (CRD#:5907486), CCO ADVISORY SERVICES
KRUSZEWSKI, RONALD JAMES (CRD#:1434827), CHAIRMAN, CEO, PRESIDENT, AND DIRECTOR
MELINGER, ADAM SCOTT (CRD#:2373020), ROSFP – PCG
NESI, VICTOR JOHN (CRD#:2503383), DIRECTOR
NOLL, DOUGLAS WAYNE (CRD#:1614129), PRINCIPAL OPERATIONS OFFICER
OLSEN, JOHN GERALD (CRD#:1395283), CHIEF COMPLIANCE OFFICER – PRIVATE CLIENT GROUP
SCHRICK, FREDERICK RICHARD (CRD#:5636488), PRINCIPAL FINANCIAL OFFICER
STEGELAND, GARRY JOSEPH (CRD#:1881270), CHIEF COMPLIANCE OFFICER – STIFEL FINANCIAL
ZEMLYAK, JAMES MARK (CRD#:1586132), DIRECTOR
Due Diligence Requirement
FINRA requires broker-dealers to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Broker-Dealers that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
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Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.
Formerly Known As, Aliases, and Affiliates
STIFEL CAPITAL ADVISORS, STIFEL NICOLAUS & CO INC INVESTMENT SERVICES, STIFEL NICOLAUS BUTLER WICK DIVISION, STIFEL NICOLAUS WEISEL, STIFEL, NICOLAUS & COMPANY, INCORPORATED, STONE & YOUNGBERG, TWP PRIVATE WEALTH MANAGEMENT, WASHINGTON CROSSING ADVISORS, STIFEL CAPITAL ADVISORS, STIFEL NICOLAUS & CO INC INVESTMENT SERVICES, STIFEL NICOLAUS BUTLER WICK DIVISION, STIFEL NICOLAUS WEISEL, STIFEL, NICOLAUS & COMPANY, INCORPORATED, STONE & YOUNGBERG, TWP PRIVATE WEALTH MANAGEMENT, WASHINGTON CROSSING ADVISORS