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

Return to Archive

TESTIMONIALS

Previous
Next

You guys are good!

Mike L.

LATEST NEWS AND ARTICLES

October 20, 2021
5 First-of-Their-Kind SEC Enforcement Actions Announced

Securities and Exchange Commission (SEC) Enforcement Director Gurbir Grewal recently discussed notable first-of-their-kind enforcement actions that his division has pursued.

October 19, 2021
FINRA Targets SPACs in Most Recent Exam Sweep

The Financial Industry Regulatory Authority (FINRA) has begun an examination sweep of advisors’ involvement with special purpose acquisition companies (SPACs).

October 18, 2021
SEC’s Statement on Complex Exchange-Traded Products

The Securities and Exchange Commission (SEC) recently voted to approve a pair of rule changes proposed by Cboe BZX Exchange, Inc. to list and trade shares of new exchange traded-products: the 2x Long VIX Futures ETC and the -1x Short VIX Futures ETF.