Stifel Nicolaus Named In FINRA Arbitration

Joseph Peter Canciglia, of Hackensack, New Jersey, a stockbroker formerly registered with Stifel, Nicolaus & Company, Inc., has been named in a customer initiated investment related arbitration claim on April 20, 2016, in which the customer requested $20,000.00 in damages based upon allegations that Canciglia advised a customer to invest $20,000.00 into a unit investment trust which was illiquid and fraudulent.
Financial Industry Regulatory Authority (FINRA) Public Disclosure additionally reveals that on January 17, 2013, a customer filed an investment related written complaint involving Canciglia’s conduct, based upon allegations that Canciglia effected the purchase of corporate debt securities in the customer’s account despite the transactions having neither been authorized nor suitable for the customer.
Further, on March 5, 2014, a customer initiated investment related written complaint regarding Canciglia’s activities was resolved for $175,000.00 in damages based upon allegations that Canciglia made misrepresentations to the customer concerning the fee structure of investments, churned the customer’s account, and placed trades without authorization.
Canciglia has been fined $10,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Canciglia exercised discretion in two customers’ accounts even though his firm did not approve the customers’ accounts as discretionary and the customers never authorized Canciglia to effect trades on a discretionary basis. Letter of Acceptance, Waiver and Consent, No. 2014040764601 (Jun. 30, 2015). FINRA found Canciglia’s conduct to be violative of FINRA Rule 2010 and 2510(b).