Former Stifel, Nicolaus & Company, Incorporated Client Wins FINRA Arbitration for $1.5 Million

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Were you the victim of Stifel, Nicolaus & Company, Incorporated broker Kenneth Blumberg (CRD# 1585520)? He has been registered with Stifel, Nicolaus & Company, Incorporated in Hunt Valley, Maryland since 2007. 

Kenneth Blumberg Customer Complaints

He has been the subject of five customer complaints between 2002 and 2022, two of which were denied, according to his CRD report. The most recent complaints are regarding: 

March 2022. “Claimants allege failure to diversify, unsuitable investments, misrepresentation and claim violation of common law fraud, breach of fiduciary duty, and negligence.” The customer is seeking $100,000.01 in damages and the case is currently pending. The case was regarding equity OTC and common and preferred stocks

December 2017. “Claimants allege breach of contract, professional negligence, breach of fiduciary duty, violation of Maryland Securities Act, violation of the Securities Exchange Act of 1934 and SEC Rule 10b-5, and negligent supervision.” The customer sought $20,000,000 in damages and the customer was granted damages in the amount of $1,524,176. The complaint was regarding equity OTC.

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 Kenneth Blumberg’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you 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.

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Author: Jeffrey Erez

The founder of Erez Law, Jeffrey Erez, focuses exclusively on securities arbitration and litigation. Mr. Erez passionately believes in representing aggrieved investors and obtaining justice for his clients through litigation.