Former Stifel, Nicolaus & Company, Incorporated financial advisor Mitchell Yanow (CRD# 2148171) barred by FINRA for stealing more than $200,000 from an elderly client. Yanow has been registered with Stifel, Nicolaus & Company, Incorporated in Boca Raton, Florida from 2015 to May 2018, when he was terminated regarding, “FA took money from a client account for his personal use without authorization.”
In July 2018, FINRA barred Yanow after he consented to the sanction and to the entry of findings that he converted at least $205,586 of an 87-year-old customer’s funds by writing checks drawn on the customer’s brokerage account at Stifel, Nicolaus & Company, Inc. without the customer’s knowledge or authorization. According to Yanow’s CRD report, “The findings stated that the customer gave Yanow blank checks drawn on the customer’s account so that Yanow could pay the customer’s caregivers in the event the customer was unable to do so. However, Yanow used the customer’s blank checks to convert at least $205,586 of the customer’s funds, which he used to pay for his own personal expenses, including Yanow’s overdue homeowner’s association fees, his children’s summer camp fees, and the purchase of a 1976 Corvette automobile.”
Yanow has been the subject of one customer complaints in 2015, according to his CRD report:
May 2015. “Claimant alleges that during 2012 – 2015 her FA charged her excessive commission and margin interest.” The case was settled for $144,000.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Stifel, Nicolaus & Company, Inc. may be liable for investment or other losses suffered by Yanow’s customers.
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