Andrew Elsoffer Facing Investor Dispute

The Financial Industry Regulatory Authority (FINRA) reports important information about securities broker Andrew Elsoffer AKA Andrew Bruce Elsoffer [CRD#: 2580009, Pepper Pike, OH]. Evidently, investors disputed the sales practices of the securities broker, who worked for Stifel Nicolaus Company. Additionally, the securities broker discloses a regulatory enforcement action. However, Elsoffer denies the allegations of sales practice violations. Read on to learn more about the allegations against Elsoffer.

Stifel Nicolaus Company Investor Accuses Andrew Elsoffer Of Negligence

Evidently, a Stifel Nicolaus Company client filed FINRA Arbitration #: 20-00655 about Andrew Elsoffer. Notably, the client alleged that Elsoffer acted unethically, was negligent, breached a fiduciary duty, and breached a contract. Because of this, the client sustained damages on stocks. Therefore, on May 2, 2022, Stifel Nicolaus Company settled this matter by paying the client $20,000.

FINRA Sanctions Stifel Nicolaus Company Securities Broker For Unauthorized Transactions

Also, on February 25, 2022, FINRA issued Case #: 2018060469601 sanctioning Andrew Elsoffer for infractions. Specifically, FINRA imposed a two-year suspension and a $15,000 fine. Notably, FINRA alleged that Elsoffer made unauthorized transactions.

Supposedly, between February 14, 2012, and October 15, 2018, during the time that he was associated with Stifel Nicolaus & Company, Incorporated, Elsoffer exercised discretion without getting prior authorization for five clients. Additionally, between May 15, 2018, and July 30, 2018, Elsoffer loaned $13,703.00 to a client. Specifically, in roughly 2,800 transactions, Elsoffer exercised discretion in five client accounts. While the clients knew that Elsoffer was making trades on their behalf, he did not have prior written authorization from the clients to exercise discretion. Elsoffer also made false statements to FINRA. Specifically, when Elsoffer was asked about his termination from Stifel Nicolaus, Elsoffer made misrepresentations concerning checks that were written to him from a Stifel Nicolaus client. Elsoffer violated FINRA Rules 2010, 8210, and 3240.

Merrill Lynch Pierce Fenner Smith Securities Broker Andrew Elsoffer Discharged For Unauthorized Transactions

Notably, Merrill Lynch Pierce Fenner Smith disaffiliated with Elsoffer. Evidently, Merrill Lynch Pierce Fenner Smith alleged that Elsoffer made unauthorized transactions.

Stifel Nicolaus Company Disaffiliates With Securities Broker For Violation Of Policy

Evidently, Andrew Elsoffer worked for Stifel Nicolaus Company too. Stifel Nicolaus Company disaffiliated with Elsoffer because Elsoffer allegedly violated company policy.

Stifel Nicolaus Company Investor Accuses Andrew Elsoffer Of Negligence

Evidently, a client of Stifel Nicolaus Company contested Andrew Elsoffer’s sales practices by filing FINRA Arbitration #: 19-01995. Allegedly, Elsoffer was negligent, failed to supervise, made unsuitable and unauthorized transactions, breached a contract, breached a fiduciary duty, and violated securities laws. Supposedly, the stocks which Elsoffer sold or recommended had caused the client to sustain damages. Therefore, Stifel Nicolaus Company opted to settle the matter on July 19, 2019 by compensating the client in the amount of $14,999.

Elsoffer Discloses Unsuitable Trading Accusations By Stifel Nicolaus Company Client

Also, a client of Stifel Nicolaus Company contested Andrew Elsoffer’s sales practices by filing FINRA Arbitration #: 16-00622. Allegedly, Elsoffer acted unethically, made misrepresentations, made unsuitable transactions, breached a fiduciary duty, exploited the client, breached a contract, and was negligent. Supposedly, the over-the-counter equities and stocks which Elsoffer sold or recommended had caused the client to sustain damages. Therefore, Stifel Nicolaus Company opted to settle the matter on October 27, 2016 by compensating the client in the amount of $165,000.

Andrew Elsoffer Discloses Unsuitable Trading Allegations By Stifel Nicolaus Company Client

Also, a client of Stifel Nicolaus Company contested Andrew Elsoffer’s sales practices, according to a complaint. Allegedly, Elsoffer made unsuitable transactions. Supposedly, the investments which Elsoffer sold or recommended had caused the client to sustain damages. Therefore, Stifel Nicolaus Company opted to settle the matter on February 17, 2016 by compensating the client in the amount of $60,000.

Merrill Lynch Pierce Fenner Smith Investor Accuses Elsoffer Of Unsuitable Recommendations

Evidently, a Merrill Lynch Pierce Fenner Smith client filed FINRA Arbitration #: 09-04676 about Andrew Elsoffer. Namely, the client alleged that Elsoffer made unsuitable recommendations. Because of this, the client sustained damages on stocks. Therefore, on May 23, 2011, Merrill Lynch Pierce Fenner Smith settled this matter by paying the client $75,000.

Recent Employer Information

Andrew Elsoffer worked for Stifel Nicolaus Company Incorporated in Pepper Pike, OH, as a securities broker from November 21, 2011 to November 1, 2018.

Damages Resulting From Stifel Nicolaus Company Securities Broker Elsoffer?

Have you experienced damages by investing with Andrew Elsoffer? If so, get in touch with Soreide Law Group at (888) 760-6552 and speak with a securities lawyer about a possible recovery of your investment losses. Notably, Soreide Law Group has effectively recovered money for investors throughout the United States. The firm represents clients on a contingency fee basis and advances all costs. Elsoffer and brokerage firms Elsoffer was employed by deny any and all allegations of sales practice violations.