Mitchell Yanow Barred by FINRA After Conversion of Customer Funds

Former broker and investment advisor Mitchell Toby Yanow (CRD #2148171) was last employed by Stifel, Nicolaus & Company, Incorporated (CRD #793) of Boca Raton, FL. His previous employers include Oppenheimer & Co. Inc. (CRD #249) and Wachovia Securities, LLC (CRD #19616), both of Palm Beach Gardens, FL. No current employment information is available. Yanow has been in the industry since 1991.

FINRA recently barred Yanow after a disciplinary action after an investigation found that he converted at least $205,586 of an elderly customer’s funds for his own personal use. The 87-year-old customer gave Yanow a series of blank, signed checks to use for paying his caregiver in the event that the client was unable to do it himself. However, Yanow instead used the checks, from the customer’s brokerage account at his own firm, to withdraw funds and pay for personal expenses such as fees for his children’s summer camp, overdue homeowner association fees and for the purchase of a 1976 Corvette.

Without admitting or denying the findings, Yanow signed a Letter of Acceptance, Consent & Waiver on 7/9/2018. Yanow has been barred indefinitely, in all capacities as of 7/11/2018, from any FINRA-registered firm.

Additionally, Stifel Nicolaus discharged Yanow on 5/10/2018 due to the allegations.

Yanow had one previous disclosure, a customer dispute filed on 05/01/2015, alleging that from 2012 through 2015, Yanow charged excessive commission and margin interest. Yanow was unaware of the dispute or its settlement amount of $144,000 until later. He counters that the customer never complained to him during the specified time period, the margin rate was determined by the firm and he had tried to have it lowered. Yanow also contends that the customer was aware of all the commissions and margins at all times.

Did You Invest Money With Mitchell Yanow?

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