A financial advisor linked to millions of dollars in damage awards against Stifel Nicolaus has left the firm.
Chuck A. Roberts, a formerly registered broker and analyst with 35 years in the industry, is no longer affiliated with Stifel, effective July 9, his Financial Industry Regulatory Authority BrokerCheck record shows.
Roberts is connected to several client complaints, settlements and damages against Stifel, including what the firm has called a “shocking, runaway,” $132.5 million FINRA arbitration award in March over investment recommendations, such as overconcentration in structured notes.
The firm has asked a federal court to vacate the award, which included compensatory and punitive damages and attorneys’ fees, noting in the filing that Stifel has faced 25 separate FINRA arbitrations filed against the firm by former Roberts customers.
The advisor had been associated with the firm for nine years. A Stifel Financial spokesperson confirmed Monday only that Roberts had left the company.
Roberts’ BrokerCheck record shows 20 pending customer disputes involving the advisor during his time at Stifel, four settled cases, three awards and three denied claims. Including the $132.5 million award, the judgments and settlements against Stifel in disputes involving Roberts total nearly $166.8 million, according to the record.
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