Coleman Joseph Devlin of Baltimore Maryland a stockbroker registered with Stifel Nicolaus Co. Inc. is referenced in a customer initiated investment related arbitration claim in which the customer requested $11,500,000.00 in damages supported by allegations of the customer being defrauded and incurring losses because of investments including options and over-the-counter equities sold by Devlin during the time that he was associated with Stifel Nicolaus. FINRA Arbitration No. 19-03232 (Nov. 6, 2019).

According to the claim, Devlin’s transactions were not reasonably monitored by the securities broker dealer and were effected in violation of federal and state securities laws including Securities Act of 1934 and Maryland Securities Act. A fiduciary duty that was owed to the customer had allegedly been breached by Devlin. The claim also alleges breach of contract and negligence with regard to Devlin’s options and equities trades.

Devlin has been identified in five more customer initiated investment related disputes concerning accusations of his misconduct while employed by securities broker dealers including Stifel Nicolaus and Morgan Stanley. FINRA Public Disclosure confirms that on January 29, 2019, a customer initiated investment related arbitration claim concerning Devlin’s activities was resolved for $13,000.00 in damages founded on accusations of the violation of Maryland Securities Act. FINRA Arbitration No. 18-03304. The claim alleges breach of fiduciary duty and breach of contract pertaining to the Stifel Nicolaus customer’s over-the-counter equities transactions. Those transactions were allegedly unsuitable and fraudulent.

Devlin is the subject of another customer initiated investment related arbitration claim which was settled for $85,000.00 in damages based upon allegations including omissions and misrepresentations being made to the customer by Devlin in regard to an investment strategy involving investments in common and preferred stock and over-the-counter equities. FINRA Arbitration No. 18-04150 (Dec. 9, 2019). Transactions effected in the customer’s account by Devlin were neither suitable for the customer nor authorized. The claim also alleges that Devlin’s investment strategy was inappropriate and had resulted in losses for the customer’s Stifel Nicolaus account.

On November 21, 2019, another customer initiated investment related arbitration claim in reference to Devlin’s conduct was resolved for $225,000.00 in damages based upon accusations that an unreasonable portion of the customer’s assets were allocated in sector specific equities and stocks by Devlin when he was associated with Stifel Nicolaus. FINRA Arbitration No. 18-02685.

FINRA Public Disclosure confirms that Devlin has been fined $5,000.00 and suspended for one month from associating with any FINRA member in any capacity based upon findings of the stockbroker effecting discretionary trades in the accounts of five customers of Stifel Nicolaus without receiving written permission from those customers or written permission from the securities broker dealer. Letter of Acceptance Waiver and Consent No. 2016050359301 (Oct. 18, 2017). FINRA found Devlin’s unauthorized trading to be violative of FINRA Rule 2010 and National Association of Securities Dealers (NASD) Rule 2510(b).

Devlin was discharged by Stifel Nicolaus on June 28, 2016 founded on accusations of his unauthorized trading in customer accounts. He was registered with IFS Securities between July 28, 2016 and February 13, 2017.

Tags: ,

Comments are closed.