Category Archives: Stifel Nicolaus & Co.

Kurt Gunter-Former Stifel Nicolaus Broker-Sanctioned Over UIT Sales-Austin, TX

November 2020- Austin, TX 

According to his FINRA record  Kurt Jason Gunter a financial advisor currently employed by Wells Fargo Clearing Services has recently been sanctioned by FINRA for unsuitable sales of unit investment trusts (UITs).

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In November 2020 Gunter, without admitting or denying the findings, agreed to a three month suspension and a fine of $10,000 to resolve FINRA’s allegations that from July 2013-December 2016 he engaged in an unsuitable pattern of short-term trading of UITs in customer accounts at Stifel Nicolaus.

In addition, FINRA found that Gunter signed switch letters that were sent to customers that contained inaccurate or missing information about the costs they were incurring as a result of early rollovers of UITs.

Unit Investment Trusts are designed to be long term investments and short term trading is generally improper. According to FINRA findings, Gunter recommended that his customers roll over UITs more than 100 days prior to maturity on more than 270 occasions. As a result customers incurred unnecessary sales charges and the recommendation was unsuitable in view of the frequency and cost of the transaction.

On average, according to FINRA, the switch letters that contained inaccurate information understated the sales charges incurred by customers by about $2,500.

Kurt Gunter was employed by Stifel Nicolaus from 6/2013-8/2017. Since 8/2017 he has been employed by Wells Fargo Clearing Services in Bee Cave, TX.

If you had an account with Kurt Gunter that suffered losses, or if you were a victim of his short term UIT switching  scheme,  you may be entitled to collect damages from his prior employer.

Call for a no charge consultation with an experienced securities attorney.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

William G. Mason- Stifel Nicolaus Broker-Discloses Pending Customer Dispute -New Orleans, LA

November 2020- New Orleans, LA According to publicly available records, a  Stifel, Nicolaus & Company broker William Geary Mason  discloses a pending customer dispute and a termination.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In May  of 2020, a customer of Stifel, Nicolaus & Company, filed FINRA case #20-01422 alleging claims that Mason advised them to purchase unsuitable investments.   The case is pending.

In July of 2009 Merrill Lynch, Pierce, Fenner & Smith terminated Mason’s employment in response to allegations that he violated the firm’s policy by exercising discretion in clients’ accounts, mismarking order tickets and making unsuitable trades in elderly clients’ accounts.

Mason has been  employed by Stifel, Nicholaus & Company since July of 2015.   

If you have questions about an account handled by William Geary Mason , call to learn how you may be able to recover damages through FINRA arbitration.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Jason Dukas-Former Stifel Nicolaus & Co Broker-Discloses Regulatory Event and a Termination- Clearwater, FL

November 2020- Clearwater, FL

According to publicly available records Jason Dukas (CRD#4188239), a  stockbroker with  Stifel, Nicolaus & Company, discloses a regulatory event and a termination from employment.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In May 2020, in case #2017055028101, FINRA alleged that Dukas participated in a private securities transaction involving a customer of his member firm without providing prior written notice to his firm.   The findings stated that Dukas participated in an investment by the customer in a start-up  company away from the firm.   He solicited the transaction by recommending the investment to a customer, arranging for the customer to attend a promotional meeting about the company and provided advertising materials about the company to the customer.     He helped facilitate the transaction by forwarding a promissory note and other investment related documents to the customer.    Sanctions were a nine month suspension starting June 2020 until February 2021 and a $15,000 fine.

In June 2017 Dukas was allowed to voluntarily resign from his employment with Wells Fargo Clearing Services after allegations that his conduct related to a private security conflicted with the firm’s policy related to private securities transactions.

Dukas has worked with Stifel Nicolaus & Co., Inc. since August 2017.   Before that time he was employed with Wells Fargo Clearing Services, Wells Fargo Advisors and Morgan Stanley Smith Barney. 

If you had an account with Jason Dukas that suffered losses, you may be entitled to collect damages from his prior employer. Call to discuss your options.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Mitchell Yanow-Former Stifel Nicolaus Broker-Discharged Over Allegations He Used Customer Funds to Purchase Corvette-Boca Raton, FL

April 2019- Boca Raton, FL

The FINRA records of Mitchell Toby Yanow  , a former stock broker disclose  that he was recently barred from the securities industry by FINRA, discharged by Stifel, Nicolaus & Co. and has settled a customer dispute.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

YANOW USES ELDERLY CLIENT’S MONEY TO BUY A CORVETTE

In 7/2018, FINRA permanently barred Yanow to resolve allegations that he took at leasts $205,586 from an 87 year old customer’s account by writing checks without authority. The customer had given Yanow blank checks that were to be used to pay the customer’s caregivers in the event the customer was unable to do so. According to FINRA, Yanow used the money for his personal expenses, which included the purchase of a 1976 Corvette.

In 9/2015 a customer of Yanow/Oppenheimer was paid $144,000 to resolve allegations that their account was charged excessive commissions and margin interest.

In May 2018, Yanow was discharged by Stifel Nicolaus, who alleged that Yanow “took money from a client account for his personal use without authority”.

Yanow had been employed by Stifel Nicolaus since 4/2015. Prior to that he was employed by Oppenheimer & Co. 

If you have questions about  an account handled by Mitchell Yanow, call for a no charge consultation to learn how you may be able to recover damages through FINRA arbitration.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Stifel Nicolaus Ordered to Pay Elderly Couple For Puerto Rico Bond Losses

Over the past few years St. Louis based Stifel Nicolaus & Co. has faced a number of problem with regulators as well as actions filed by disgruntled customers, including:

  • In 2014, Stifel Nicolaus  was fined $60,000 by the Securities and Exchange Commission to resolve securities regulator’s allegations that the improperly sold Puerto Rico junk bonds to retail investors by selling bonds below the minimum $100,000 denomination established by the issuer.
  • In February 2017, a FINRA arbitration panel in Dallas, Texas, awarded two former elderly customers over $117,000 for losses suffered as a result of having invested in Puerto Rico municipal bonds. Follow this link to the FINRA record of Stifel Nicolaus broker Robert Kyle Ratcliff. FINRA Case 15-03427, June and Perry Burns v Stifel Nicolaus.

Puerto Rico Debt Crisis

In early 2014, various credit rating agencies downgraded the debt of Puerto Rico to non investment grade, better known as junk status or speculative grade. This downgrade triggered acceleration clauses requiring the repayment of some debt within months, rather than years.

Puerto Rico has over $70 billion of outstanding debt, with a debt to GDP ratio of about 68%. While about $30 billion (42%) of Puerto Rico’s debt is owned by residents of Puerto Rico, the larger portion is owned by non-residents, primarily residents of the continental United States.

Investors who have suffered losses on Puerto Rico’s bonds purchased from a broker employed by Stifel Nicolaus & Co. may be able to recover damages through FINRA arbitration.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870