Broker Chuck A Roberts of brokerage firm Stifel Nicolaus & Company stands accused of fraud, negligence, breach of fiduciary duty, and unauthorized trading, in a series of new customer disputes filed in the fall of 2023.
The newer complaints follow a pattern of Roberts' alleged unsuitable structured product sales earlier this summer, which produced $24.5 million in damage claims filed against Stifel Nicolaus and broker Chuck A Roberts for unauthorized trading and excessive fees, accusing Roberts of overconcentration in bio-tech companies Dynatrace, Pinterest and Snapchat, alongside funds SPDR S&P Biotech ETF (NYSE: XBI) and Spider S&P Biotech Exchange Traded Fund.
Investors alleged that Roberts' excessive and unauthorized trading racked up sales charges, fees, and commissions to benefit broker Roberts at his clients' expense, constituting a breach of fiduciary duty and a failure to put the customer's interests first. As of this writing, none of the newly filed claims have been decided.
According to Chuck Roberts (CRD #2064202)'s BrokerCheck report, several customers filed claims for California, state, and federal securities law violations, with the allegations ranging from fraud and breach of contract to failing to disclose or discuss the risk profile of customers' investments, in addition to making transactions without customer authorization.
Back in 2013, Roberts and then-employer Morgan Stanley paid a customer $202,000 for unsuitable and unauthorized trades, with Roberts solely liable for over $185,000, plus interest. In addition, Roberts earned a four-week FINRA suspension and $40,000 fine for improper opening of customer accounts, in addition to $1,000 to the Illinois Securities Department for its investigation of Roberts' conduct.
If you invested with Stifel, Nicolaus & Company broker Chuck A Roberts or with any investment adviser or registered representative who unsuitably recommended overly risky trades—or effected excessive transactions without authorization—that have proven harmful to your investments or interests through losses, exorbitant fees and commissions, or other damages, please call an experienced FINRA arbitration attorney at The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.