John Basile Manikas of Chicago Illinois a stockbroker formerly employed by Stifel Nicolaus Company Incorporated is the subject of a customer initiated investment related arbitration claim which settled for $342,500.00 in damages founded on allegations that (1) the customer had been defrauded (2) contractual obligations had been breached (3) the customer’s account was handled negligently (4) FINRA Rules 2111 and 2010 were violated in reference to the customer’s exchange traded fund and over-the-counter equities transactions (5) fiduciary duties owed to the customer had been breached (6) the Illinois Consumer Fraud and Deceptive Practices Act had been violated and (7) the Illinois Securities Law of 1953 and Regulation 103.850 had been violated. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-01512 (Dec. 19, 2017).
Moreover, FINRA Public Disclosure confirms that on March 4, 2009, a customer filed an investment related complaint involving Manikas’ activities where the customer requested $95,000.00 in damages based upon accusations that while Manikas was associated with UBS Financial Services Inc., Manikas placed unauthorized trades in the customer’s account.
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