STIFEL, NICOLAUS & COMPANY, INC was ordered to pay over $1.5 million to three clients by a Financial Industry Regulatory Authority (FINRA) arbitration panel. These three clients alleged that Stifel, Nicolaus & Co failed to properly supervise their broker, KENNETH DAVID BLUMBERG (KENNETH BLUMBERG) CRD#: 1585520, who they claim allegedly over-concentrated his clients into biotechnology and healthcare stocks. The arbitration panel did not impose a monetary award against Kenneth Blumberg, but denied his request to expunge this customer dispute from his FINRA BrokerCheck record, which is available to the public on FINRA’s website. Blumberg is currently registered with Stifel, Nicolaus & Co in Hunt Valley, Maryland.
The BrokerCheck allegations listed against KENNETH DAVID BLUMBERG were, “Claimants allege breach of contract, professional negligence, breach of fiduciary duty, violation of Maryland Securities Act, violation of the Securities Exchange Act of 1934 and SEC Rule 10b-5, and negligent supervision.” These clients alleged that Blumberg invested up to 80% of their portfolio in less than 10 biotech stocks, according to the FINRA complaint filed in 2017. Allegedly, according to an article in AdvisorHub, Blumberg mismarked trades as “unsolicited,” and encouraged the clients to not only “stay the course” but add to their positions as the portfolio began to lose value, and according to the complaint, the clients’ accounts fell from their peak in 2015 by $1.8 million.
According to FINRA’s BrokerCheck, KENNETH DAVID BLUMBERG has 4 Disclosures on his CRD report. Blumberg has been registered in the securities industry for 33 years and was listed with 4 firms. He is currently registered, since 6/5/2007, with:
STIFEL, NICOLAUS & COMPANY, INCORPORATED
303 INTERNATIONAL CIRCLE SUITE 590
HUNT VALLEY, MD 21030
If you’ve experienced financial losses due to the recommendations of Stifel, Nicolaus & Co of Hunt Valley, broker, KENNETH DAVID BLUMBERG, contact Soreide Law Group and speak to a lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on a contingency fee basis and represents our clients nationwide before FINRA.
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