Soreide Law Group (888-760-6552) has recently been contacted by investors who were clients of the broker, formerly with STIFEL, NICOLAUS & COMPANY, INC. of Pepper Pike, Ohio:


The former clients of ANDREW ELSOFFER allege they were sold large concentrations of Linn Energy and Memorial Productions Partners. Linn Energy and Memorial Production Partners are now both bankrupt which created devastating losses for these investors.

Investors are often unsophisticated and rely solely on their brokers to make decisions in their accounts.  The investors may be retired, on fixed incomes, and living off the income generated from their investments.  Also, there may be an alleged lack of supervision over a registered representative by the firm, allowing their broker to over concentrate clients who have moderate or low risk portfolios into speculative energy stocks without disclosing the true nature and risk of maintaining these highly volatile investments in such large concentrations.

According to FINRA’s BrokerCheck, which is available to the public on FINRA’s website, ANDREW ELSOFFER has 8 Disclosures on his report, 6 of these Disclosures are “Customer Disputes.” The significance of Elsoffer’s FINRA Customer Disputes is underscored in FINRA NOTICE to MEMBERS 03-49. In 2003, FINRA conducted a review of the CRD’s of all 663,000 registered representatives, only 2,751 (.41%) had been the subject of (3) or more customer complaints. In other words Elsoffer’s customer complaints rank him in the top one-hundredth percent of all registered representatives for customer complaints.  

The last three complaints on his report, all settled in favor of the customer, were as follows:

On 8/18/09, the settlement amount was $75,000, the complaint alleged “unsuitable investment recommendations.”

On 2/17/16, the settlement amount was $60,000, according to the complaint,Client alleges losses resulting from unsuitable investments. 5/2/13 through 9/18/15.”

On 3/23/16, the settlement amount was $165,000, according to the complaint, ”Claimants allege securities fraud, common law fraud and misrepresentation, unsuitability, breach of fiduciary duty, elder abuse and exploitation, breach of contract, gross negligence, and negligence.”

Two of the Disclosures on Elsoffer’s report were “Employment Separation After Allegations,” both resulting in his being “Discharged.”

ANDREW ELSOFFER has been in the securities industry for 23 years and was listed with the following firms:

11/21/2011 – 11/01/2018 STIFEL, NICOLAUS & COMPANY, INC. – PEPPER PIKE, OH


If you feel your account was over concentrated in oil and gas investments, or specifically in or in Linn Energy and Memorial Productions Partners, by former Stifel broker, ANDREW ELSOFFER, call Soreide Law Group and speak to an experienced securities lawyer at no cost to you regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552.

Soreide Law Group represents clients nationwide before FINRA and we operate on a contingency fee basis.