Tag Archives: Stifel Nicolaus & Company complaint

Michael Delao-Former Century Securities Broker-Sanctioned by Texas Securities Regulators

December 2016-Georgetown, Texas

The FINRA records of  Michael Ramon Delao,  a  stockbroker with St. Bernard Financial Services , disclose a recently regulatory event , a prior customer dispute and 2 terminations.

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.

According to FINRA records, while Delao was employed by  he was arrested in connection with two felony charges and was indicted. Although the felony charges were later dismissed, Delao did not report these events to Century or to the Texas State Securities Board (TSSB) as required by Board Rules. The TSSB reprimanded Delao and assessed an administrative fine of $7,500.

In 2009, Delao was discharged by Southwest Securities who made the following allegation: “Guaranteeing a client against losses in an email.” In 2015, Delao voluntarily resigned from Stifel Nicolaus & Company.

 

Delao has been employed with  since 10/2016. He was employed by IFS Securities from 8/2016-8/2016 and prior to that with Century Securities.

If you have questions about an account handled by Michael Delao , contact us for a no charge consultation.

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

Robert Kyle Ratcliff-Stifel,Nicolaus Broker-Discloses Customer Arbitration-Denton, TX

Denton, Texas

UPDATE JULY 2017FINRA records disclose that arbitration 15-3427, discussed below, was settled 2/2017 for $117,477.

 August  2016-ORIGINAL POST   The FINRA records of Robert Kyle Ratcliff ,  a  stock broker who is currently employed by Stifel, Nicolaus & Co. , disclose a currently pending 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.

In currently pending FINRA arbitration 15-03427, a customer of Stifel, Nicolaus  alleges damages of $75,000 for breach of fiduciary duty, negligence, failure to supervise, failure to make suitable investment recommendations, unauthorized trading, violations of Texas Securities Act, fraud, misrepresentation and breach of contract from 4/28/2011-5/28/2013.

Ratcliff has been employed by Stifel, Nicolaus & Co. since 2/2010. His prior employment includes Wells Fargo Advisors and A.G. Edwards & Sons.

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

Former Wells Fargo Advisor Broker Sanctioned for Unauthorized Trading in Customer Account

June 22, 2015

Tyler Powell  entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that he  exercised discretion in a customer’s account without obtaining prior written authorization from his customer in violation of NASD Conduct Rule 2510(b) and FINRA Rule 2010.

According to the AWC, between February 2011 and June 2013, he effected approximately 159 discretionary tranactions the account of a customer without obtaining prior written authority. The customer’s account was a non-discretionary fee-based account and the firm did not permit discretion in these type of accounts.

Powell was fined $5,000 and suspended for 15 days.

AWC NO. 2014040633301

According to FINRA records, Powell is currently registered with Stifel Nicolaus. He was previously registered with Wells Fargo Advisors 5/2009-8/2014.

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

Losses on Cushing Royalty & Income Fund ??

June 15,2015,

Cushing & Royalty Income Fund (SRF) which traded at $25 in February 2012 currently trades at less than $5. It is a leveraged fund which invests in oil and gas royalty trusts that was sold in some cases to elderly and conservative retirees who did not understand the risky nature of this investment.

Cushing & Royalty Income Fund was underwritten by these broker-dealers:

  • Stifel, Nicolaus & Company
  • RBC Capital Markets
  • Oppenheimer & Co.
  • Robert W. Baird & Co.
  • BB&T Capital Markets, a division of Scott & Stringfellow
  • Ladenburg Thalmann & Co.
  • Wunderlich Securities
  • Maxim Group

Aside from the risky nature of this investment, the fees and commissions associated with its sale exceeded 6% in some instances.

If you were sold the Cushing Royalty and Income Fund by your stockbroker, call to speak with an experienced securities attorney and 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

Kevin Luby, Former Stifel Nicolaus/LPL Financial Broker Sanctioned by Securities Regulator

January 15, 2015-Daytona Beach, Florida

Kevin Luby  entered into a Letter of Acceptance, Waiver and Consent  (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that he failed to disclose to his member firm the fact that he had been appointed co-successor trustee of an elderly client’s trust, co-personal representative of her estate and that he also had been named as a beneficiary in her will.

NASD and FINRA rules require stockbrokers to report to their member firms business activities they are  involved with  other than their roles as stockbrokers. This is referred to as ‘outside business activities’ in the financial services industry. The AWC found that Luby did not disclose the fact that he had been appointed as a fiduciary in his elderly client’s trust and estate, nor did he report that he had been named in her will to receive several investment properties, thereby violating NASD Rule 3030, FINRA Rule 3270 and FINRA Rule 2010.

Luby was suspended for 10 months and fined $25,000 by FINRA.

According to FINRA records was registered with Stifel Nicolaus & Company in Daytona Beach, FL from 8/2009-3/2012, and then with LPL Financial in South Daytona, FL, from 3/2012-8/2013.

In October 2013 a customer filed a complaint against Luby making the following allegations:

“Complaint alleges that Kevin Luby manipulated an elderly client to become the trustee of her LPL brokerage accounts and a beneficiary under her will”

That complaint, which alleged damages of $600,000 was closed according to FINRA records. Luby was discharged by LPL Financial for “violation of firm policy regarding outside business activities” in July 2013. According to FINRA records, Luby  is not currently registered.

Case # 2013038108802

If you suspect that a financial advisor is taking advantage of you or of one of your family members, call for a free 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