The Financial Industry Regulatory Authority has barred a financial advisor linked to millions of dollars in damage awards against Stifel Nicolaus.
In its order filed Wednesday, FINRA said Chuck A. Roberts refused to appear for on-the-record testimony.
Roberts, a formerly registered broker and analyst with 35 years in the industry, is no longer affiliated with Stifel, effective July 9, his 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 matter originated from FINRA’s review of customer arbitrations filed against Stifel by certain customers alleging that Roberts’ recommendations of structured products were not in their best interests and/or that he had inaccurately described the products, Wednesday's order states.
Roberts initially cooperated with FINRA’s investigation by producing documents and appearing for on-the-record testimony, FINRA said.
However, on May 23, FINRA sent a request to Roberts for additional on-the-record testimony pursuant to FINRA Rule 8210.
"As stated in a June 12, 2025 email from Roberts’ counsel, and by this agreement, Roberts acknowledges that he received FINRA’s request and will not appear for on-the-record testimony at any time," FINRA said.
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