Stifel Nicolaus Broker Barred After Pleading Guilty To Fraud

Soreide Law Group is investigating potential investor claims for losses caused by securities broker Mitchell Yanow (CRD#: 2148171, Boca Raton, Florida). Notably, the Securities and Exchange Commission (“SEC”) barred the securities broker, who associated with Stifel, Nicolaus & Company, Incorporated (“Stifel Nicolaus”) from 2015 to 2018. Notably, Yanow pled guilty to four counts of wire fraud. Here’s more:

SEC Bars Mitchell Yanow

Evidently, SEC issued Order #: 3-19447 on September 13, 2019 sanctioning Mitchell Yanow. Apparently, Yanow pleaded guilty on April 30, 2019 in United States v. Yanow under Case #: 4:18-cr-00787-JAR-1. For this reason, on September 13, 2019, SEC barred him in all capacities including broker, dealer, investment adviser, and municipal securities dealer.

FINRA Bars Yanow For Taking 87-Year-Old Investor’s Money

Apparently, on July 11, 2018, Financial Industry Regulatory Authority (“FINRA”) issued Acceptance, Waiver and Consent (“‘AWC”) #: 2018058538001 barring Mitchell Yanow. Mainly, FINRA contended that Yanow violated Rule 2010 through writing checks drawn from the Stifel Nicolas client’s brokerage account without permission.

It appears from the AWC that the client handed Mitchell Yanow a checkbook to handle caregiver transactions for situations when the client could not tend to them. Apparently, instead of paying caregivers, Yanow used $205,586 on personal expenses, a 1976 Corvette and other items. Notably, FINRA says that the client did not know or authorize Yanow taking money for his personal use. Not surprisingly, Yanow’s actions demonstrated unethical and dishonest behavior in violation of FINRA Rule 2010.

Stifel Nicolaus Disaffiliates With Mitchell Yanow For Misuse Of Client Funds

Notably, on May 10, 2018, Stifel Nicolaus ended the employment relationship with Mitchell Yanow on bad terms. In fact, Stifel Nicolaus disaffiliated with him for allegedly taking money from a client’s account without authorization. It appears that the allegations Stifel Nicolaus cited were connected to the FINRA action.

Oppenheimer Client Indicates That Mitchell Yanow Excessively Traded

Evidently, a client of Oppenheimer contested Mitchell Yanow’s actions by making

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

a complaint in 2015. Allegedly, Yanow charged excessive commission and margin interest in connection with the client’s securities transactions. For this reason, Oppenheimer figured to settle the client’s matter on September 14, 2015 through paying $144,000 to the client.

Losses From Stifel Nicolaus Securities Broker Mitchell Yanow?

Have you experienced losses because of investing through Mitchell Yanow? If you have, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a potential recovery of your investment losses. Soreide Law Group provides representation to clients on a contingency fee basis and advances costs. The law firm has recovered millions of dollars for clients who have experienced losses due to misconduct of financial institutions and securities brokers like Yanow.