COLEMAN DEVLIN Recommend Bad Investments?

Did COLEMAN DEVLIN Sell You Unsuitable Investments?

Soreide Law Group is investigating potential claims against Stifel, Nicolaus & Company, Incorporated securities broker Coleman Devlin (CRD#: 2317635, Atlanta, Georgia) on behalf of investors whose accounts Devlin potentially traded in an inappropriate and unsuitable manner. Namely, FINRA BrokerCheck shows that at least 18 investors filed disputes involving the securities broker, who Stifel Nicolaus disaffiliated with for unauthorized trading. Read on to learn more about the troubling accusations of Devlin’s sales practice violations.

Stifel Nicolaus Client Files Arbitration Suggesting Coleman Devlin Made Unauthorized Trades

Evidently, Stifel Nicolaus disclosed that a client of Devlin filed a FINRA Arbitration #:18-04150 on December 10, 2018. Supposedly, Coleman Devlin engaged in unauthorized trading of this client’s account. Allegedly, Devlin gave bad investment recommendations about OTC equities and listed equities. In addition, Devlin supposedly falsified or omitted information about investments. Because of this, the client alleged $100,000 in damages in this pending matter.

Client Alleges Stifel Nicolaus, Devlin Made Unsuitable Equity Trades

Apparently, on September 20, 2018, a client of Stifel Nicolaus brought FINRA Arbitration #:18-03304 to contest Devlin’s sales practices. According to the client , Coleman Devlin sold unsuitable investments or made inappropriate OTC equities trades. Secondly, the client suggested that Devlin failed to honor an investment agreement, and failed to put the client’s interests first. Devlin or Stifel Nicolaus also violated Maryland Securities Act, according to the client. Apparently, Stifel Nicolaus opted to settle this matter on January 29, 2019 by paying the client $13,000.

Coleman Devlin Allegedly Overconcentrates Client’s Account In Aggressive Investments

FINRA BrokerCheck also shows that Stifel Nicolaus clients contested Devlin’s sales practices by bringing FINRA Arbitration #: 18-02685 on July 27, 2018. It appears that Coleman Devlin put their assets in aggressive investments. Notably, the clients alleged that that stocks and equities were concentrated in a just a few market sectors. As a result, the clients experienced increased volatility in their accounts. It appears that the clients asked for $600,000 in compensation. Evidently, this claim is ongoing.

Securities Regulators Fine And Suspend Devlin For Discretionary Trades, Unsuitable Recommendations

Evidently, FINRA issued Coleman Devlin a 30-day suspension and $5,000 fine because he made discretionary trades without authorization in violation of NASD Rule 2510 and FINRA Rule 2010. Supposedly, Devlin decided which trades to make and when to make those trades. However, clients did not provide Devlin written authorization. Apparently, Stifel Nicolaus did not permit Devlin to exercise discretion either.
Previously, NASD issued Coleman Devlin a $10,000 fine and 15-day suspension for making bad recommendations and discretionary trades in violation of NASD Rules 2110, 2310, 2510 and 2860. Supposedly, Devlin recommended put option transactions. However, Devlin had no reason to believe this was the right thing to do for the client. NASD stated that the put option recommendations were not suitable because of the client’s objectives and needs, among other things. Not only that, but NASD found that Devlin engaged in discretionary trading.

Coleman Devlin Sell You Unsuitable Investments?

Experienced losses through investing with broker Coleman Devlin? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have suffered losses due to misconduct of brokers and brokerage firms.