Andrew Bruce Elsoffer, of Pepper Pike, Ohio, a stockbroker currently registered with Stifel, Nicolaus & Company, Inc., is the subject of a customer initiated investment related arbitration claim, which settled on October 27, 2016, for $165,000.00 in damages supported by allegations of negligence, breach of contract, elder abuse, elder exploitation, breach of fiduciary duty, suitability, misrepresentation, and securities fraud pertaining to over-the-counter equities and stocks effected in the customer’s account.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Elsoffer has been identified in five more customer initiated investment related disputes concerning allegations of his wrongdoing during the time that he was employed with Merrill Lynch, Pierce, Fenner & Smith Inc. and Stifel Nicolaus & Company, Inc. Specifically, a customer initiated investment related arbitration claim regarding Elsoffer’s activities was settled on September 2, 2004, for $6,000.00 in damages founded upon accusations of unprofessional account management and suitability in reference to equities transactions effected in the customer’s portfolio.
Then, a customer initiated investment related arbitration claim concerning Elsoffer was filed on March 9, 2004, wherein the customer sought $42,000.00 in damages based upon allegations of unauthorized trading of the customer’s mutual fund holdings. Moreover, a customer initiated investment related complaint regarding Elsoffer’s conduct was settled on April 20, 2005, for $2,520.00 in damages supported by allegations that mutual funds were excessively traded in the customer’s account.
Subsequently, on May 23, 2011, a customer initiated investment related arbitration claim regarding Elsoffer’s activities was settled for $75,000.00 in damages founded on accusations of unsuitable recommendations of stock investments. Additionally, a customer initiated investment related complaint involving Elsoffer was filed on February 17, 2016, based on allegations of suitability.
Elsoffer was fired by Merrill Lynch, Pierce, Fenner & Smith Inc. based on allegations that he violated the firm’s discretionary trading policy, mismarked customer order tickets, and failed to abide by the firm’s supervisory procedures.
Guiliano Law Group
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