Andrew Bruce Elsoffer of Pepper Pike Ohio a stockbroker formerly registered with Stifel Nicolaus Company Inc. has been discharged by the securities broker dealer on October 16, 2018 based upon accusations that Elsoffer failed to comply with rules or procedures regarding the handling of customer funds and (2) Stifel Nicolaus lost confidence in Elsoffer because of him being subject of one or more customer initiated investment related disputes.
This is not the first time that Elsoffer has been terminated by a securities broker dealer employer. Particularly, Elsoffer was previously associated with Merrill Lynch Pierce Fenner Smith Incorporated, who discharged Elsoffer supported by allegations of his failure to abide by both the policies of the firm and the directions from the firm’s management personnel as it pertained to Elsoffer’s mismarking of order tickets and his exercise of discretion in customer accounts.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Elsoffer has been identified in seven customer initiated investment related disputes containing accusations of his violative conduct while employed with Merrill Lynch and Stifel Nicolaus. Specifically, a customer initiated investment related complaint concerning Elsoffer’s activities was settled to resolve allegations that trades were executed in the customer’s account in excessive amounts by Elsoffer. Another customer initiated investment related arbitration claim involving Elsoffer’s conduct was settled for $75,000.00 in damages founded on accusations that during the period in which Elsoffer was employed by Merrill Lynch, common and preferred stock recommendations made to the customer were unsuitable given the customer’s tolerance for risk, objectives for investing, or investment circumstances.
Also, a customer initiated investment related complaint regarding Elsoffer’s activities was resolved for $165,000.00 in damages based upon allegations that the customer’s account was administered negligently; trades placed by the stockbroker failed to be suitable for the customer; contractual terms were not complied with; the customer had been defrauded; misrepresentations had been made about investments; fiduciary duties were breached; the customer’s account had been mismanaged; and the customer fell victim to elder abuse. FINRA Arbitration No. 16-00622 (Oct. 27, 2016). Elsoffer is additionally referenced in a customer initiated investment related arbitration claim which was settled for $60,000.00 in damages supported by accusations that transactions executed in the customer’s account failed to be suitable for the customer. FINRA Arbitration No. 18-00885 (Oct. 9, 2018).
Another customer of Elsoffer filed an investment related arbitration claim in regard to the stockbroker’s activities in which the customer sought $100,000.00 in damages founded on allegations of the violation of Ohio securities law; violation of fiduciary and contractual duties; trading of equities in the customer’s account without authorization; unsuitable trades in the customer’s account; and the mismanagement and lack of supervision of the investment account during the period in which Elsoffer was associated with Stifel Nicolaus. FINRA Arbitration No. 19-01995 (July 17, 2019).
