In October 2019, a former client of Stifel, Nicolaus & Company, Incorporated won an award in a FINRA arbitration for compensatory damages for $1,524,176. The investors were clients of broker Kenneth Blumberg (CRD# 1585520).
The causes of action included breach of contract, breach of duty, professional negligence, breach of fiduciary duty, violation of the Securities Exchange Act of 1934 and SEC Rule 10b-5, negligent supervision, misrepresentation and omission of facts, and fraud. The causes of action relate to various securities. The FINRA arbitration hearing was conducted in Baltimore, Maryland.
Blumberg has been registered with Stifel, Nicolaus & Company, Incorporated in Hunt Valley, Maryland since 2007. Blumberg has also been the subject of three additional customer complaints between 2001 and 2003, according to his CRD report.
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, Incorporated may be liable for investment or other losses suffered by Blumberg’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.