A recent FINRA Award serves as a warning to brokerages and brokers that they must timely process customer paperwork. The broker for Stifel, Nicolaus & Co. failed to timely change the customer’s beneficiary on an annuity. The customer hired a securities arbitration attorney and filed a claim for damages of $100,000. After a four-day arbitration in Honolulu the Panel of three arbitrators issued an Award of $90,000 payable by Stifel and the broker. See Case Number 16-01680.
Stifel, Nicolaus & Co. has been repeatedly fined by regulators and sanctioned for failing to properly supervise its brokers. In 2018 FINRA issued a $300,000 fine against Stifel because the firm “failed to supervise the agent’s books and records.”
If you have been the victim of investment broker misconduct call Thomas Law Group at (800) 797-9888 for a no-charge consultation. We have a team of experienced attorneys, experts and paralegals ready to help you recover your investment losses in a FINRA arbitration.