Tag Archives: stifel & nicolaus complaints

Donald L. Watson-Former Jeffrey Matthews Broker- Discloses Discharge from Employment

UPDATE April 2018– IN 3/2017 FINRA permanently barred Donald Lee Watson, Jr. from the securities industry for refusing to cooperate with a FINRA investigation.

November 2016-Sarasota, FL

The FINRA records of  Donald Lee Watson, Jr. ,  a  former stockbroker with Jeffrey Matthews Financial Group,  who is not currently  employed disclose a prior customer dispute that has been resolved and two terminations from employment after allegations.

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.

Watson’s FINRA record discloses that on 1/5/2015 he was discharged by FirstTrust LLC. The company made the following allegations in connection with the discharge: “Disregard for compliance procedures. Failure to repay debt to company. Donald Watson did not comply with requests for personal securities transaction reports and repeatedly violated email compliance protocols. Furthermore, Watson collected a 4-month series of loan payments secured by his personal and unconditional guarantee. He is now disputing the loan and expressing his intent to default.”

His record further discloses that on 12/15/2015, Watson was discharged by The Jeffrey Matthews Financial Group who made the following allegations in connection therewith: “Don Watson (DW) alleged he produced over $700k/yr in gross production at his prior employer. He produced a W2 as evidence to Jeffrey Matthews (JM). JM relied on his assertion adn W-2 as the basis for issuing a corporate advance of $200K. While employed at JM from 9/29/15-12/15/15 DW did not transition any client assets to the firm and had no gross production. DW misrepresented the W2 information as production-related, but JM subsequently learned it was not. In addition, we learned DW’s client spreadsheet presented to JM was also fraudulent.”

Jeffrey Matthews Financial Group filed a FINRA arbitration against Watson seeking recovery of the $200,000 advance plus costs and fees. In November 2016, a FINRA arbitration panel ordered Watson to pay the company $260,000. FINRA Case 16-0548. 

Watson’s prior employment in the securities industry includes:

  • Stifel, Nicolaus & Co.
  • International Assets Advisory
  • PNC Investments
  • LPL Financial
  • UVest Financial Services Group
  • Raymond James Financial Services

If you have losses in an account in an account handled by Donald Watson , contact us to discuss how you may be able to recover damages for those losses.

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 Sanctioned by Securities Regulator

December 23,2014

Stifel, Nicolaus & Company  entered into a Letter of Acceptance, Waiver and Consent  (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that the firm had several violations related to Best Execution-Market Order Timeliness:

  • From October 2011-December 2011 in 25 instances the firm failed to execute orders fully and promptly. In 13 instances the firm failed to use reasonable diligence to ascertain the best inter-dealer market.
  • From July 2012-September 2012 in 48 instances the firm failed to execute orders fully and promptly and in 6 transactions failed to use reasonable diligence to ascertain the best inter dealer market.
  • From April 2013-June 2013 in 42 instances the firm failed to execute orders fully and promptly and in 13 transactions failed to use reasonable diligence to ascertain the best inter dealer market.

The firm was also faulted for supervisory issues.

Case # 20120341392-01

Stifel Nicolaus was censured  and fined $55,000.

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

FINRA Fines Stifel, Nicolaus & Co. $30,000

 

In June 2014, the Financial Industry Regulatory Authority (FINRA) fined Stifel, Nicolaus & Company $30,000 and ordered the company to pay resitution to customers of over $16,000. In addition the company is required to revise its written supervisory procedures to resolve FINRA findings that they sold bonds to customers at unfair prices.
If you have suffered losses due to the fraud or negligence of a stock broker or brokerage firm, you may be able to recover those losses through FINRA arbitration.

Rex Securities Law , located in Boca Raton, FL, 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.

Rex Securities Law

561 391 1900