Stifel, Nicholas & Co. in July settled two extra complaints for nearly $3.6 million tied to barred dealer Chuck Roberts, in line with his BrokerCheck file.
Stifel in July settled for nearly $2.9 million a grievance that had been in search of a minimum of $5 million in damages, in line with BrokerCheck. The grievance, filed in June 2023, made allegations of breach of fiduciary obligation, negligence, fraud, breach of contract and violations of the Florida securities and investor safety act.
The St. Louis, Missouri-based agency additionally final month settled one other grievance over related allegations for $700,000, in line with BrokerCheck. That grievance, filed in March 2025, settled on July 7. There’s a delay of so long as a month between when the settlements are made and when they’re publicly reported to Finra’s database.
A Stifel spokesperson was not instantly in a position to touch upon the settlements. The agency has beforehand argued in different instances that the shoppers have been subtle buyers who understood the dangers of Roberts’ methods.
Stifel is on the hook for greater than $206 million in settlements and awards tied to Roberts, in line with his BrokerCheck file. The lion’s share of that quantity is tied to a $133 million arbitration award that Stifel agreed to settle in April after it misplaced a movement to vacate the choice.
The instances involving Roberts don’t identify him as a celebration however cite Stifel for failing to oversee him. Roberts’ file has 16 pending complaints in search of $21.5 million in mixed damages over allegations of unsuitable structured notes gross sales, in line with BrokerCheck. 4 claims have been denied or withdrawn.
Individually, Roberts’ former supervisor, Mark J. Stevenson in New York Metropolis, has left the agency, in line with registration data. The 51-year trade veteran has retired, a Stifel spokesperson confirmed.
“Over the course of a distinguished profession that started within the 1970s, Mark has made significant contributions to the monetary companies trade, together with prolonged tenures at Lehman Brothers, Barclays, and Stifel,” the spokesperson mentioned in an announcement. “We thank him for his years of service and need him a rewarding retirement stuffed with new adventures, together with loads of time to pursue his ardour for browsing.”
Christopher T. Harrington, one other Barclays alum who co-led the Bryant Park workplace, is listed as sole department supervisor on the agency’s web site. Harrington began his profession at Lehman in 2002, in line with BrokerCHeck.
Each Harrington and Stevenson, whose final day was July 31, had joined the St. Louis-based broker-dealer in 2015 by way of its buy of Barclays PLC’s U.S. brokerage. Stevenson had performed a key function in recruiting and retaining some massive Barclays groups, together with mega producer Martin Shafiroff.
However one massive former Barclays workforce with $12 billion in property had peeled off final 12 months as their retention affords absolutely amortized. One other billion-dollar group left to hitch Rockefeller Capital.
Stevenson had employed Roberts in 2016 from Morgan Stanley and stood by that call throughout arbitration hearings in recent times, in line with transcripts Stifel filed in courtroom. Stevenson emphasised that most of the prospects suing Roberts have been represented by the identical plaintiff lawyer and that the ex-broker was the sufferer of a market downturn.
“It was out of his management,” Stevenson testified. “I believe Chuck is an excellent producer. He’s an excellent dealer.”