FINRA Suspends and Fines Stifel Advisor Todd Arnoldussen Over Unauthorized Transactions
The Financial Industry Regulatory Authority (FINRA) has reportedly suspended and fined a longtime Stifel Financial advisor Todd Arnoldussen, for engaging in nearly 1,400 unauthorized securities transactions over a period of approximately 20 months.
According to a FINRA Acceptance, Waiver and Consent (AWC) published in February 2026, Arnoldussen, a Wisconsin-based advisor with more than three decades in the securities industry, consented to sanctions after FINRA found that he caused his firm to maintain inaccurate books and records by improperly marking recommended trades as unsolicited.
Overview of FINRA’s Findings
FINRA found that between January 2022 and August 2023, Arnoldussen mismarked 1,399 securities transactions as “unsolicited” when, in fact, the trades had been recommended to customers.
By inaccurately designating these transactions, FINRA concluded that Arnoldussen prevented Stifel, Nicolaus & Co. from complying with FINRA Rule 4511, which requires broker-dealers to maintain accurate books and records. FINRA also determined that this conduct violated FINRA Rule 2010, which requires associated persons to observe high standards of commercial honor and just and equitable principles of trade.
FINRA’s investigation was reportedly initiated after receiving a customer tip.
Sanctions Imposed
Without admitting or denying FINRA’s findings, Arnoldussen agreed to the following sanctions:
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Two-month suspension from acting in any registered capacity
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$10,000 fine
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Suspension period: March 2, 2026 through May 1, 2026
Advisor Background and Registration History
According to BrokerCheck, Todd Peter Arnoldussen (CRD No. 1929970):
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Has approximately 36 years of industry experience
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Was registered with Stifel, Nicolaus & Company from 1999 through 2026
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Previously worked at:
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Everen Securities, Inc. (a predecessor firm to Wells Fargo entities)
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Blunt Ellis & Loewi Incorporated
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Was registered as both a broker and investment adviser
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Has one disclosure, related to this FINRA regulatory action
No customer complaints or arbitration disclosures appear on his record aside from the current matter.
Why Mismarking Trades Matters to Investors
Whether a transaction is classified as solicited or unsolicited is not a technicality. The distinction affects:
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A firm’s supervisory obligations
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Compliance monitoring and audits
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The accuracy of regulatory records
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Investor protections and transparency
When recommended trades are improperly marked as unsolicited, firms may fail to identify excessive trading, unsuitable recommendations, or patterns of misconduct that could harm investors.
Help for Investors Who May Have Been Affected
Investors who believe their advisor executed trades without authorization, misrepresented investment activity, or failed to properly document recommendations may have recovery options through FINRA arbitration.
The securities fraud attorneys at The White Law Group represent investors nationwide in claims involving unauthorized trading, excessive trading, and supervision failures by brokerage firms. Arbitration claims are typically brought against the brokerage firm, not just the individual advisor.
Frequently Asked Questions
What is unauthorized trading?
Unauthorized trading occurs when a broker executes transactions without a client’s prior approval, unless the account is formally designated as discretionary.
Can a firm be liable even if the advisor is sanctioned?
Yes. Brokerage firms may be held responsible for failing to supervise advisors or for maintaining inaccurate records, even when misconduct is committed by an individual broker.
How long do investors have to file a FINRA arbitration claim?
Most FINRA claims are subject to a six-year eligibility rule, though shorter statutes of limitation may apply depending on the circumstances.
