Stifel Monetary has paid $Three million to settle one other declare involving barred dealer Chuck Roberts and his structured observe technique, in response to his BrokerCheck report
The grievance, which was filed in January 2025, alleged breach of fiduciary responsibility and violations of the Securities and Alternate Fee’s Regulation Greatest Curiosity, in response to Roberts’ BrokerCheck report. The traders, who had sought $5 million in damages, agreed to the settlement on Could 11, in response to BrokerCheck.
The settlement brings Stifel’s complete tab tied to Roberts’ technique to $202 million, in response to his report. The bulk stems from a $133 million arbitration award that Stifel and the investor agreed to settle in April for an undisclosed sum.
A Stifel spokesperson didn’t instantly reply to a request for remark. The agency has beforehand argued in different circumstances that the purchasers have been refined traders who understood the dangers of Roberts’ methods.
The circumstances involving Roberts don’t identify the ex-broker as a celebration however cite Stifel for failing to oversee him. Roberts’ report nonetheless has 19 pending complaints searching for $28 million in mixed damages, in response to BrokerCheck. 4 claims have been denied or withdrawn.
The Monetary Business Regulatory Authority barred Roberts in July 2025 for refusing to cooperate with its investigation. He had voluntarily resigned from Stifel weeks previous to the bar.
Roberts, who began his profession at Lehman Brothers in 1990 and joined Stifel in 2016 from Morgan Stanley, generated almost $61.four million in commissions from promoting $3.7 billion value of structured notes, in response to courtroom filings in different circumstances.
The Monetary Business Regulatory Authority in Could introduced that it’s launching a regulatory sweep analyzing the gross sales of high-risk structured merchandise with a give attention to non-principal-protected “worst-of” structured notes. These merchandise have been among the many structured notes that Roberts had offered, a lawyer representing the plaintiffs in most of the circumstances stated beforehand.
The sweep is concentrated on how corporations are supervising the focus of structured notes merchandise and whether or not brokers’ suggestions adjust to the Securities and Alternate Fee’s Regulation Greatest Curiosity rule and different regulatory necessities. Some traders have misplaced “vital parts” of their portfolios by means of concentrated positions, Finra stated.