FINRA Suspends Ex-Stifel Nicolaus Broker Andrew Elsoffer for Two Years

Ohio Financial Advisor Andrew Elsoffer Named in Multiple Customer Disputes

Andrew Bruce Elsoffer, who Stifel, Nicolaus & Co. fired in 2018, is suspended by the Financial Industry Regulatory Authority (FINRA) for two years, beginning March 7, 2022. The suspension comes in the wake of customer allegations that he exercised discretion in their accounts without their written authorization. 

He also allegedly lent money to one client, his personal friend, for home renovations without the firm’s approval. The friend later repaid him. 

Stifel Nicolaus terminated the Ohio financial advisor’s employment with the broker-dealer after finding that he violated its policy related to the receipt of customer funds in an employee’s account. This was also after a settlement was reached that appears to be over an unrelated matter in FINRA arbitration.

According to BrokerCheck, Andrew Elsoffer worked in the industry for over two decades. He was with Stifel, Nicolaus & Co. for seven years and Merrill Lynch, Pierce, Fenner & Smith for over 16 years. 

Elsoffer was fired by Merrill Lynch in 2011 over his alleged failure to abide by directives, mismarking of client orders, and violation of the firm’s policy related to price discretion and the exercising of time. Elsoffer became an International Assets Investment Management investment advisor in 2018. He has eight customer disputes on record. 

Some of the Customer Disputes involving Ex-Stifel Nicolaus Broker Andrew Elsoffer

• 2/2020: Claimants are alleging negligence, common law fraud, breach of fiduciary duty, and breach of contract. They are requesting $250K in damages. 
• 7/2019: A $15K settlement was reached with this investor, who claimed unsuitability, negligence, failure to supervise, breach of contract, unauthorized trading, breach of fiduciary duty, and violations of Ohio securities laws.
• 3/2016: These investors settled for $165K for their allegations of securities fraud, negligence, elder financial abuse, unsuitability, and misrepresentations.
• 2/2016: This customer, who accused Andrew Elsoffer of unsuitability, agreed to a $60K settlement.
• 8/2009: This unsuitability case was settled for $75K.

Skilled Broker Negligence Law Firm 

Broker-dealers may be held liable for their financial advisors’ wrongful or negligent actions. Our broker misconduct attorneys have spent over thirty years going after firms all over the United States to pursue damages for customers that were harmed.

If you worked with former Stifel Nicolaus broker Andrew Elsoffer and suffered significant losses that you suspect may have been due to negligence or misconduct, please get in touch with Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) today at (800) 259-9010 or use our online contact form.