Stifel Nicolaus & Co.: Complaints, Lawsuits & Regulatory History

Stifel Nicolaus & Co.: Complaints, Lawsuits & Regulatory History

August 2025 — The White Law Group is reviewing the regulatory history and customer complaints involving Stifel, Nicolaus & Co.

Stifel Nicolaus & Co., Inc. (CRD #793) is a broker-dealer and investment banking firm headquartered in St. Louis, Missouri. The firm reportedly manages $148 billion in assets with nearly 3,000 financial advisors.

According to FINRA, Stifel has 210 disclosure events on its broker record, including 147 regulatory events. Regulators such as FINRA and the SEC have sanctioned the firm repeatedly for supervisory failures, unsuitable recommendations, and customer harm.

Recent FINRA & Regulatory Sanctions Against Stifel Nicolaus

FINRA Fines Stifel $175,000 for Deficient Reports
(August 2025) FINRA fined Stifel $175,000 and issued a censure for filing inaccurate and incomplete quarterly reports on customer orders in NMS securities between January 2020 and December 2023.

Restitution for Non-Traditional ETPs
(March 2024) FINRA fined Stifel $920,000 and ordered over $1 million in restitution for failing to supervise recommendations of complex non-traditional exchange-traded products (NT-ETPs).

Failure to Supervise Customer Funds & Options Trading
(March 2024) Stifel paid a $400,000 fine and $59,360 in restitution after failing to oversee the transmittal of customer funds and to address red flags of unsuitable trading by multiple representatives.

Massachusetts Settlement Over Excessive Fees
(May 2023) Massachusetts regulators censured Stifel and ordered $3.2 million in restitution for ignoring red flags about broker Joseph Crespi, who overcharged elderly investors, nonprofits, and churches.

Unit Investment Trust (UIT) Rollovers
(May 2020) FINRA fined Stifel $1.75 million and ordered $1.9 million in restitution to nearly 1,700 customers for unsuitable UIT rollovers.

Unauthorized & Excessive Trading
(February 2020) A FINRA panel ordered Stifel to pay $500,000 in damages for unsuitable and unauthorized trades by former advisor John Raymond Lisowski.

High-Risk Biotech & Pharma Investments
(March 2021) The White Law Group filed a FINRA claim alleging that Stifel unsuitably invested clients in risky biotech and pharma stocks, linked to advisor Kenneth Blumberg, who has multiple customer disputes.

SEC Blue Sheet Reporting Failures
(September 2019) Stifel paid $2.7 million to settle SEC charges for submitting inaccurate trading data involving nearly 11 million transactions.

Structured Notes Lawsuits & Customer Complaints

Stifel has faced multiple arbitration claims totaling more than $24.5 million tied to structured note strategies. Investors allege negligence, breach of fiduciary duty, and unsuitable recommendations, often linked to overconcentration in high-risk biotech indexes and volatile stocks such as Pinterest, Dynatrace, and Snapchat.

Spotlight: Broker Chuck A. Roberts (Barred by FINRA)

Chuck A. Roberts (CRD#: 2064602), a former Stifel broker, was barred by FINRA in July 2025 after refusing to testify in an investigation into customer complaints about structured products.

Status: Permanently barred from the industry.
Experience: 35 years, including with Stifel (2016–2025), Morgan Stanley, Citigroup, Oppenheimer, and Lehman Brothers.
Disclosures: At least 35 customer disputes, many alleging unsuitable structured products and excessive trading.
Current Cases: Multiple FINRA arbitration claims pending as of 2025.

Recovering Investment Losses with Stifel Nicolaus

Brokerage firms must supervise their financial advisors. If they fail to do so, they may be liable for customer losses through FINRA arbitration.

If you invested with Stifel Nicolaus & Co. and experienced losses due to unsuitable recommendations, excessive trading, or structured notes, you may be able to recover damages.

FAQs about Stifel Nicolaus Complaints & Lawsuits

1. What are common complaints against Stifel Nicolaus?
   Investors have alleged unsuitable recommendations, excessive trading (churning), overconcentration in high-risk products such as biotech stocks and structured notes, and supervisory failures leading to customer harm.
2. Can I sue Stifel Nicolaus for investment losses?
   Yes. Investors may pursue claims against Stifel through FINRA arbitration, a private dispute resolution process for claims involving broker-dealers.
3. How do I file a FINRA arbitration claim against Stifel?
   The process typically begins with filing a Statement of Claim with FINRA. An experienced securities attorney can evaluate your case, prepare the filing, represent you in hearings, and potentially negotiate a settlement before arbitration.

Free Consultation with a Securities Attorney

The securities fraud attorneys at The White Law Group represent investors nationwide in claims against broker-dealers like Stifel Nicolaus.

For a free consultation, call (888) 637-5510 or visit www.whitesecuritieslaw.com.

Offices in Chicago, IL and Seattle, WA.