Failure To Supervise Attorneys

For Investors Who Suffered Losses While Working With Ex-Stifel Broker Chuck Roberts, There Is Still Time To Explore Your Legal Options. Contact Our Broker-Dealer Failure To Supervise Attorneys Today

Former financial advisor Chuck Roberts is no longer a Stifel Nicolaus & Co. broker or investment adviser. Meanwhile, the Financial Industry Regulatory Authority has barred him from the industry.

Roberts, an industry veteran of 35 years—and until recently a star Stifel stockbroker—consented to the bar after refusing to continue with the self-regulatory organization’s (SRO) probe into allegations involving him. Roberts came under scrutiny over structured product losses by his customers.

These portfolio losses have forced the broker-dealer to pay many millions of dollars in compensation to customers. To date, this includes around $180M in damages, settlements, and legal fees. At least 20 investor lawsuits in which the claimants are collectively seeking at least $40M remain pending.

One of the FINRA arbitration awards issued against Stifel, in March, was for $132.2M, including $26.5M in compensatory damages, $26.5M in legal fees, and $79.5M in punitive damages. The claimants had sued for at least $5M over structured note losses, so the award was much larger than what they sought. Stifel is trying to get this vacated.

If you sustained structured note losses while working with former Stifel broker Chuck Roberts, Shepherd Smith Edwards and Kantas (investorlawyers.com) wants to talk to you.

Chuck Roberts’s CRD notes that allegations made by his former customers include negligence, overconcentration, breach of fiduciary duty, breach of contract, best interest violations, and more.

Structured Products Can Prove Costly for Investors

Even for sophisticated investors, structured products can be high-risk. It is important that any investment recommendation that a broker makes to a customer is suitable for them and in their best interests, regardless of their net worth.

Broker-dealers are supposed to properly supervise their registered representatives and their activities in brokerage accounts to ensure suitability and protect customers from financial advisor misconduct or negligence. A failure to supervise can be grounds for suing the brokerage firm for damages, whether or not they were aware of their broker’s actions.

According to AdvisorHub, Chuck Roberts sold $3.7B of structured notes—including those linked to tech stocks such as Palantir, Dynatrace, DocuSign, and Twilio—and earned $61.4M in commissions. He purportedly pitched a risky structured product strategy to a number of wealthy clients.

How Can Our Failure To Supervise Attorneys Help?

These can be complex claims involving complex investments, and you want to work with a seasoned securities law firm that has experience representing investors with these kinds of legal cases. Shepherd Smith Edwards and Kantas Failure To Supervise Attorneys (investorlawyers.com) have been fighting for retail investors, retirees, high-net-worth investors, and institutional investors for more than 30 years.

We have dealt with more than 1000 matters in arbitration, mediation, and litigation, and gone up with broker-dealers all over the US, including the largest Wall Street Firms.

When you work with us, you are retaining a team of trusted securities attorneys, legal assistants, consultants, and others who have a collective more than 100 years of experience in securities law and the securities industry. More than 90% of our clients have secured full or partial financial recovery.

Call our Failure To Supervise Attorneys at (800) 259-910 or contact us online.