Stifel Nicolaus Customer Sues Firm For Breach Of Fiduciary Duty

Scott Alan Sanders (CRD# 3063288, Fort Myers, Florida) has been a registered representative of Stifel, Nicolaus & Company, Incorporated since January 15, 2009. Sanders disclosed on FINRA BrokerCheck that his activities led Stifel Nicolaus customers to file a customer-initiated investment-related arbitration dated July 9, 2018 which allege Sanders to have committed sales practice violations.

Stifel Nicolaus Customer Alleges Sales Practice Violations

The customers’ causes of action included breach of fiduciary duty, breach of contract, negligence and the failure to supervise stocks traded in the customers’ investment accounts. As a result of Sanders’ misconduct, the customers have alleged a total of $193,281.00 in damages. The claim is pending a resolution. (FINRA Arbitration Case #18-02477).
Sanders has also disclosed two other customer disputes on FINRA BrokerCheck which concern allegations of unsuitability and omissions:
1) A Wachovia Securities, LLC customer filed a complaint on November 11, 2008. The customer alleged that Sanders did not discuss with the customer the various risks of investing in a variable annuity when the annuity was purchased. As a result of those alleged omissions, Wachovia Securities LLC stated that the customer alleged more than $5,000.00 in damages. The complaint has been closed as of May 18, 2009.
2) On May 25, 2018, a Stifel Nicolaus customer filed a complaint alleging that Sanders did not adequately diversify the customer’s investments. According to the customer, Sanders failed to disclose risks of equities investments, and over-concentrated the customer’s investment account in securities which did not match the customer’s investment profile. Stifel Nicolaus estimated that the damages alleged by the customer are greater than $5,000.00. Stifel Nicolaus denied the customer’s allegations on May 31, 2018.

Sanders’ prior employers include A.G. Edwards & Sons, Inc. (July 13, 1998 to January 3, 2008) and Wachovia Securities, LLC (January 1, 2008 to January 27, 2009).
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