A National Securities Arbitration & Investment Fraud Law Firm
Chuck Roberts, a registered broker and investment advisor with brokerage firm Stifel, Nicolaus & Company, is the subject of sixteen investor complaints alleging a variety of misconduct. Investors are claiming damages in those matters of amounts ranging from $100,000 to $5,000,000 dollars.
Roberts, who has been in the brokerage industry since the 1990s, has spent almost the last decade with Stifel, Nicolaus & Company, maintaining offices in Miami Beach, Florida, and New York, New York.
Investors who are pursuing claims against Roberts and/or Stifel, Nicolaus have alleged a variety of misconduct that primarily focuses on breaches of fiduciary duty, negligence, and other misconduct such as violations of Florida and New York-specific securities laws.
What is a Fiduciary Duty?A fiduciary duty is a duty to act with the highest degree of honesty and loyalty toward another person and in the best interests of that person. In the financial industry, a fiduciary duty can be created when a financial advisor acts on behalf of his or her client. SEC rules and regulations may also implement a fiduciary obligation on behalf of stockbrokers and financial advisors.
Was Chuck Roberts Giving Unsuitable Investment Advice to Some Investors?FINRA Rules also require brokers to give suitable investment advice to their clients. “Suitability” requires that a broker have “a reasonable basis to believe a recommended transaction or investment strategy involving a security or securities is suitable” based upon the investment profile of the customer. Brokers should consider, amongst other things, an investor’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, and risk tolerance.
Similarly, FINRA Rules require brokers to “Know Your Customer” and to use reasonable diligence to obtain these essential facts when opening and maintaining an investor-advisor relationship.
Brokerage firms are also obligated to supervise their individual advisors to ensure that they adhere to these rules, amongst other laws, rules, and regulations implemented by FINRA and the SEC.
Chuck Roberts and Stifel, Nicolaus Recommending Structured Notes for Investor PortfoliosSilver Law Group’s investigation has revealed that one of the issues giving rise to the investor complaints involving Roberts was the sale of “structured notes”.
Structured notes are complex financial instruments that, in some cases, carry outsized risks for investors. Many structured notes have complex payoff structures, limited upside, lack of liquidity, and/or credit default risk of their issuers and the underlying investments to which the notes are tied.
You May Have a Claim Against Chuck Roberts and/or Stifel, Nicolaus for Negligence, Breach of Fiduciary Duty, or Other MisconductIf you suffered investments losses with Chuck Roberts and Stifel, Nicolaus, Silver Law Group may be able to help you recover those losses.
Silver Law Group’s team of attorneys has experience representing investors in FINRA arbitration claims involving structured products, amongst a variety of other misconduct. Please contact Silver Law Group at (800) 975-4799 or email ssilver@silverlaw.com for a confidential consultation. Silver Law Group handles cases on a contingency fee basis, meaning you do not owe us anything unless and until we recover for you.