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Articles Tagged with Stifel Nicolaus

Palm Beach, Florida-based Gary Edward Adkin (CRD# 3084484) is currently registered as a broker and investment advisor employed by Stifel, Nicolaus & Company, Incorporated (CRD# 793.) Adkin has been with the firm since 12/4/2015, and was previously employed by Barclay’s and Lehman Brothers. In addition to his current registration with Stifel, Nicolaus & Company, he is also currently registered with Barclay’s Capital since 9/2008. He was previously registered with Lehman Brothers, Inc., from 10/2004 through 9/2008.

Adkin is currently the subject of a customer dispute during his tenure with his current firm, with pending arbitration at FINRA. The clients have alleged that Adkin was “negligent, and failed to exercise responsibility with regard to the account.”  The claim was filed with FINRA, and the client is requesting $1,550,000 in damages. Process was served on 12/8/2017.

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Silver Law Group is investigating claims against Stifel, Nicolaus & Company, Inc. for the sale of unsuitable investments.

Silver Law Group has filed a securities arbitration claim against Stifel, Nicolaus & Company, Inc. (“Stifel”) alleging the customers suffered significant losses due to unsuitable investments and misrepresentation of fees and commissions. The allegations include unsuitable investments, breach of fiduciary duty, negligence, breach of contract and failure to supervise.

Stifel’s broker allegedly recommended unsuitable investments to conservative retired customers. The investment recommendations included concentrating the accounts in below investment-grade corporate bonds and Puerto Rico bonds. The broker would regularly make the recommendation to sell one bond to purchase another bond with a higher coupon without explaining to the customers that the higher coupon carried higher risk.

Silver Law Group is investigating former Stifel, Nicolaus & Company, Inc. (“Stifel Nicolaus”) broker Coleman Joseph Devlin (“Devlin”) for allegations of executing trades in customer accounts without first obtaining authorization from the customers. Devlin was employed by Stifel Nicolaus’ Baltimore, Maryland office prior to his termination in June 2016.

The Financial Industry Regulatory Authority (“FINRA”) suspended Devlin on 11/6/2017 for a 30 day period ending 12/18/2017 after Devlin, without admitting or denying the findings, consented to FINRA’s findings that he had executed trades in 5 customer accounts without their prior authorization while at Stifel Nicolaus.

Devlin has been the subject of 14 customer disputes of which 2 are currently still pending. The disputes include allegations of unsuitable investments, unauthorized trading, over-concentration of the accounts, breach of fiduciary duty, and negligent supervision. Stifel Nicolaus terminated Devlin’s employment in June 2016 in connection with the customer complaints. A recently filed FINRA arbitration claim is seeking $20,000,000.00 alleging Stifel Nicolaus negligently supervised Devlin.

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