A Financial Industry Regulatory Authority panel ordered Stifel to pay $500,000 in compensatory damages to a customer who had claimed one of the firm’s representatives “mishandled” her account “through unsuitable, unauthorized, and excessive trading.”
Stifel declined to comment on Wednesday, one day after FINRA made the decision by the FINRA panel’s three arbitrators available on its website.
The panel ruled that the firm and rep John Raymond Lisowski, who were both named as respondents in claimant Rosemary Lanzo’s action, were “jointly and severally liable” in the case. Lisowski has been a FINRA-registered broker at Stifel since 2007, according to his profile on FINRA’s BrokerCheck website.
Lanzo had requested compensatory damages of “at least $390,000” in her statement of claim. However, her request for “treble damages” of at least $1.17 million and/or punitive damages and attorneys’ fees were denied by the panel.
The statement of claim was filed with FINRA in December 2018, according to Michael J. Betts, the attorney who represented Lanzo in the case. However, he said he was “not authorized to comment on the award.”