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Corporate & Securities Law

: Representing Investors

FINRA Hands Win To Investor In Case Against Stifel Nicolaus

By Keith Griffin

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On March 23, 2009, a St. Louis, Missouri, FINRA arbitration panel awarded investor Philip Rein $220,944 plus interest on his claims of fraud, breach of fiduciary duty and negligence against Stifel, Nicolaus & Company. 

According to award documents (FINRA # 07-01495), the claimant alleged that St. Louis-based Stifel Nicolaus failed to heed his stated investing objectives, which were focused on generating money for retirement income. Instead, Stifel created a retirement portfolio for Rein by investing a portion of his assets in a Pacific Life Variable Annuity and another portion of assets in three aggressive, all equity, money-management funds.

Ultimately, because of the Stifel?s selected investments, the investor said he lost the majority of his principal.

Full post as published by Representing Investors on June 29, 2009 (boomark / email).

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