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Stifel Nicolaus Broker Alerts

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Another Jackson Mississippi , Lanis Dale Noble, of Stifel Nicolaus & Co., caused a large arbitration award against Stifel Nicolaus. There, the customer asserted the following causes of action: churning; failure to supervise; breach of fiduciary duty; fraudulent inducement and concealment; vicarious liability and negligence; constructive trust/ unjust enrichment; violation of Mississippi Securities Act, MS Code Annotated Sections 75-71-501, 502 and 509; violation of the Federal Securities Act. 15 U.S.C. Section 78(j)(b) and SEC Rule 10b-5; and violation of the
Federal Investment Adviser Act. 15 U.S.C. Section 80b-6. The causes of action relate to Respondents’ use of margin in Claimant’s account as well as Claimant’s purchases of variable annuities issued by SunLife and ManuLife, and of a Friedman Billings Ramsey real estate investment trust (“FBR”). This arbitration resulted in an award of almost $1,300,000 in damage plus $250,00 in attorneys fees and costs.

Stifel Nicholas stockbroker Neil Harrison excessive trades for commissions, sold shares without knowledge or authorization, and required personal checks for loans. This arbitration was held in St. Louis which is Stifel Nicholas’s hometown, and the award against it includes a failure to supervise this broker.

Kenneth Robert Reeves, an Ohio stockbroker of Stifel, Nicolaus resulted in an award against the firm. There, the customer asserted the following causes of action: breach of fiduciary duty; suitability; misrepresentation; and fraud. The causes of action related to the recommendation of,
and purchase of shares in, AIS Futures Fund IV, LP. Claimant alleged that it repeatedly instructed Reeves that all its investments must be liquid on a daily basis. The customer further alleged that Respondents did not timely liquidate the holdings in AIS Futures Fund in August 2013. The customer alleged that it discovered at that time that the investment was not a liquid investment, as it had previously instructed Reeves to purchase. Finally, Reeves never provided the Trust with any prospectus or offering circular regarding the AIS Futures Fund and it relied upon the fiduciary obligations and oral representations of Reeves.


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