Securities & Stock Broker Fraud Blog
Miller Law Group – Miller Stern Lawyers, LLC is currently investigating allegations against John Hoff Russell CRD#: 728702 and Stifel, Nicolaus & Company, Incorporated pertaining to a multitude of allegations including broker fraud, subterfuge negligence and intentional actions in customer accounts without authority, breach of fiduciary duty, and other securities violations. Please call 410 Law Firm for more information.
A FINRA arbitration panel has ordered Stifel, Nicolaus & Co. and one of their financial advisors to pay a client $800,000.oo for her claim of “being hoodwinked about allowing money to be withdrawn from accounts she held with her estranged husband.” The claims involve such complaints as broker fraud and negligence, typical complaints by clients in these matters. John Hoff Russell, the broker with Stifel, was alleged to have worked with the now-deceased husband of the client and “intentionally used subterfuge” to obtain her consent to transfer assets from joint-tenancy accounts, according to a summary of the complaint that was published on March 22.
“[A]s a result of Russell’s actions, alone and in concert with the decedent, and because of Russell’s failure to provide claimant or her attorney-in-fact with material information, Claimant and her children were left substantially disinherited from the majority of the Decedent’s financial assets that had been provided for them under his and Claimant’s estate plans,” the summary of the complaint said.
Merle Buzzotta, who filed the complaint and was represented by St. Louis personal injury lawyer David S. Corwin, had requested more than $3 million in compensatory damages, more than $1 million in punitive damages and attorneys’ fees.
The three arbitrators, two of whom were public representatives, denied without explanation the punitive damages and legal fees and awarded the $800,000 award to be paid jointly and severally by Stifel and Russell. In most Finra cases, arbitrators generally do not have to provide reasons or explanations for their decisions unless both parties request an explained decision.
Miller Law – Miller Stern Lawyers, LLC, a Baltimore Securities Law firm, currently represents investors for claims of investment losses from over concentration, irregular options trading, margin and unsuitability claims, broker fraud, securities fraud, securities litigation and other broker and broker/dealers for investment losses and fraud. If you or anyone you know have experienced investment losses from the actions above or other situations, please call 410-LAW-FIRM ( 410-529-3476 )or fill out the contact us form for a no cost consultation and evaluation of your claim.