Industry News
Stifel to pay nearly $133m over structured note strategy
Sam Bojarski / Mar 13, 2025
The arbitration award was connected to conduct by broker Chuck Roberts.
Arbitrators have ordered Stifel Financial’s broker-dealer to pay nearly $133m in damages and fees over a structured note strategy run by a Miami-area brokerage representative.
An arbitration award published Wednesday by the Financial Industry Regulatory Authority (Finra) shows that the award relates to conduct by broker Chuck Roberts, who according to the BrokerCheck database joined Stifel in 2016 from Morgan Stanley. Arbitration panelists wrote in the award document that Stifel failed to adequately supervise Roberts’ activity at the firm.
Stifel’s alleged conduct included permitting overconcentration in structured note products and permitting the offering of structured notes via text in violation of federal recordkeeping requirements, among other alleged missteps. The firm ‘had actual knowledge of the wrongfulness of the conduct and the high probability that injury or damage to claimants would result’ from the conduct, per Finra’s award letter.
The arbitration award includes nearly $80m...
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