Former Stifel Nicolaus Broker Barred for Unauthorized Trading

Posted on November 15th, 2014 at 4:34 PM

From the Desk of Jim Eccleston at Eccleston Law Offices:

FINRA has barred a former broker from Stifel, Nicolaus & Company, Incorporated, Robert Head, of unauthorized trading for his client.

From August 2008 until October 2013, Head managed a Stifel Nicolaus trust account for customer ‘ML,’ who was a retiree born in 1936.  In November 2009, Head altered the investment objective of ML’s account from “Growth and Income” and “Speculation / Active Trading / Complex Strategies”, to only “Speculation / Active Trading / Complex Strategies.”

Head traded in ML’s account without first consulting with ML or receiving any written authorizations from ML about the details of individual trades.

Moreover, Head traded high-risk investments in ML’s account actively. In 2011, in particular, Head traded in ML’s account with 310 transactions generating over $41,000 in commissions, and resulted about $13,500 in realized losses.

The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 50 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags: Stifel Nicolaus, Barred, FINRA, Robert Head

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