Tr?id=566623520170033&ev=PageView&noscript=1

Damage Claims Exceed $24 Million for Stifel Advisor's Note Strategy

Posted on August 23rd, 2023 at 1:15 PM
Damage Claims Exceed $24 Million for Stifel Advisor's Note Strategy

From the desk of Jim Eccleston at Eccleston Law 

Complaints against an advisor from Miami-based Stifel Nicolaus & Co. are increasing due to a structured note strategy, and additional million-dollar claims have been added to the ongoing concerns.

Chuck A. Roberts' BrokerCheck record shows a recent arbitration dispute filed on July 21. These claims, with damages ranging from $500,000 to $5 million across nine arbitration filings, have resulted in a cumulative total of $24.5 million in sought-after damages.

According to AdvisorHub, Stifel is named as the respondent in all the complaints, not Roberts. The claims alleging negligence, breach of fiduciary duty, and unauthorized trading are detailed by Jeff Erez, a plaintiff's attorney from a Miami-based law firm representing eight of the claimants. A person familiar with the matter said that the company intends to defend against the claims by arguing that the customers were all savvy investors aware of the risks associated with their portfolio.

Erez revealed that Roberts had, in certain instances, concentrated the structured notes heavily in stocks like Dynatrace, Pinterest, and Snapchat or in indexes that were potentially volatile, including the SPDR S&P Biotech ETF (NYSE: XBI). According to Erez, during the latter part of 2021 and extending into 2022, both the mentioned stocks and the biotech index experienced steep declines in value, resulting in significant financial losses for Roberts' clients. Erez indicated that Roberts imposed commissions of approximately 1.5 percent to 2 percent on clients. While this commission rate was not exceptionally high for structured products, it became significant due to the combination of frequent trading, according to Erez.

 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

I am so blessed to have you and your dynamic team defending me. Your ethics, forward thinking and strategies are amazing.  You guys are the best group of attorneys in the country that I could hire to handle this complicated case.

Cindy C.

LATEST NEWS AND ARTICLES

1789752835 Law
September 18, 2026
SEC Sanctions Investment Adviser and Executive for Disproportionate Trade Allocations

The Securities and Exchange Commission (SEC) has determined that the conduct of registered investment advisory firm Barrington Asset Management, and its executive vice-president and chief compliance officer, Gregory Paris, disadvantaged clients and breached their fiduciary duties owed to clients.

1789665543 Law
September 17, 2026
SEC Charges 38 Entities Over Allegedly Fraudulent Adviser Filings

The Securities and Exchange Commission (SEC) charged 38 entities with allegedly making material misrepresentations in Forms ADV filed with the SEC between 2025 and 2026.

1789589290 Law
September 16, 2026
Edelman Financial Engines Secures TRO Against Advisor Who Joined RFG Advisory

Edelman Financial Engines recently secured a temporary restraining order (TRO) against Chad A.