{"id":18360,"date":"2019-10-11T09:29:26","date_gmt":"2019-10-11T14:29:26","guid":{"rendered":"https:\/\/www.investorlawyers.com\/blog\/?p=18360"},"modified":"2019-10-11T09:29:26","modified_gmt":"2019-10-11T14:29:26","slug":"stifel-nicolaus-to-pay-1-5m-for-failure-to-supervise-broker-kenneth-blumberg","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/stifel-nicolaus-to-pay-1-5m-for-failure-to-supervise-broker-kenneth-blumberg\/","title":{"rendered":"Stifel Nicolaus to Pay $1.5M For Failure to Supervise Broker Kenneth Blumberg"},"content":{"rendered":"<p>Four <a href=\"https:\/\/www.investorlawyers.com\/search\/?query=Stifel+&amp;Search=\" target=\"_blank\" rel=\"noopener noreferrer\">Stifel, Nicolaus &amp; Co. (SF)<\/a> clients were awarded $1.5M in compensatory damages in their <a href=\"https:\/\/www.finra.org\" target=\"_blank\" rel=\"noopener noreferrer\">Financial Industry Regulatory Authority (FINRA)<\/a> arbitration case against the brokerage firm. According to <em>AdvisorHub<\/em>, the claimants are accusing the broker-dealer of not<a href=\"https:\/\/www.investorlawyers.com\/failure-to-supervise.html\" target=\"_blank\" rel=\"noopener noreferrer\"> properly supervising <\/a>Stifel Nicolaus broker Kenneth D. Blumberg, who they contend invested up to 80% of their portfolio in biotech stocks.<\/p>\n<p>The claimants also said that Blumberg mismarked trades and encouraged them to add more positions even as they were losing money. They are alleging the following:<\/p>\n<ul>\n<li>Breach of fiduciary duty<\/li>\n<\/ul>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/stifel-nicolaus-to-pay-1-5m-for-failure-to-supervise-broker-kenneth-blumberg\/\"  title=\"Continue Reading Stifel Nicolaus to Pay $1.5M For Failure to Supervise Broker Kenneth Blumberg\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Four Stifel, Nicolaus &amp; Co. (SF) clients were awarded $1.5M in compensatory damages in their Financial Industry Regulatory Authority (FINRA) arbitration case against the brokerage firm. According to AdvisorHub, the claimants are accusing the broker-dealer of not properly supervising Stifel Nicolaus broker Kenneth D. Blumberg, who they contend invested up to 80% of their portfolio [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":7085,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3953,3739,3998],"tags":[2667,4199],"class_list":["post-18360","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-arbitration-rulings","category-finra","category-stifel-nicolaus-company","tag-inadequate-supervision","tag-kenneth-d-blumberg"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Stifel Nicolaus to Pay $1.5M For Failure to Supervise Broker Kenneth Blumberg | SSEK Law Firm<\/title>\n<meta name=\"description\" content=\"Four Stifel, Nicolaus &amp; Co. clients were awarded $1.5M in compensatory damages, accusing the broker-dealer of not properly supervising Kenneth D. Blumberg.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/stifel-nicolaus-to-pay-1-5m-for-failure-to-supervise-broker-kenneth-blumberg\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Stifel Nicolaus to Pay $1.5M For Failure to Supervise Broker Kenneth Blumberg | SSEK Law Firm\" \/>\n<meta name=\"twitter:description\" content=\"Four Stifel, Nicolaus &amp; Co. clients were awarded $1.5M in compensatory damages, accusing the broker-dealer of not properly supervising Kenneth D. 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