Stifel Nicolaus Sued By Customer For Fraud
Coleman Joseph Devlin is a stockbroker formerly registered with Stifel Nicolaus who is the subject of a customer initiated investment related arbitration claim where the customer requested three hundred thousand dollars in damages based upon accusations of (1) violations of Maryland Securities Act (2) breach of fiduciary duty (3) breach of contract (4) common law fraud and (5) suitability relating to over-the-counter equities transactions executed in the customer’s accounts. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-00106 (Jan. 11 2018).
FINRA Public Disclosure confirms that Devlin has been referenced in two additional customer initiated investment related disputes containing allegations of his misconduct since being fined $5,000.00 and suspended by FINRA for effecting unauthorized trades in customer accounts in violation of FINRA Rule 2010 and NASD Rule 2510(b). Letter of Acceptance, Waiver and Consent, No. 2016050359301 (Oct. 18, 2017).
In particular, on November 21, 2017, a customer filed an investment related written complaint pertaining to Devlin’s activities, in which the customer sought $600,000.00 in damages supported by accusations of suitability by way of over-concentration of the customer’s assets in over-the-counter equities and stock positions.
Moreover, a customer filed an investment related arbitration claim involving Devlin’s conduct, where customers collectively requested $20,000,000.00 in damages founded on allegations of violations of Securities Exchange Act of 1934, Securities and Exchange Commission (SEC) Rule 10b-5, breach of fiduciary duty, breach of contract, and selling away. FINRA Arbitration No. 17-03299 (Dec. 14, 2017). The customers additionally alleged that Stifel Nicolaus negligently supervised the options, over-the-counter equities and corporate debt transactions effected in customers’ accounts.
On June 28, 2016, Stifel Nicolaus fired Devlin based upon accusations that he executed trades in customer accounts without customers’ consenting to the transactions. He was later associated with IFS Securities between July 28, 2016 and February 13, 2017.
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