Practice Management
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...
More News
Practice Management
citywire ria
Mar 13, 2025
Practice Management
citywire ria
Mar 11, 2025
To read the full article, become an RIA Insider. You'll also gain complimentary access to news, insights, tools and more.
REGISTER NOW
Already an Insider?Log In
All content on this page is drawn from unaffiliated publications. Content on this site is not intended to provide, and should not be interpreted as legal, tax, investment or insurance advice, or recommendations by any party. Capital Client Group, Inc. is not responsible for content created by third parties and they do not explicitly or implicitly endorse or approve such content. Copyrights are held by the individual publications to which each article is attributed.