Former Stifel Nicolaus & Co. Broker, Andrew Elsoffer, Has Six Customer Complaints, Alleging Sales Practice Violations
The Wolper Law Firm is currently investigating claims against Andrew Elsoffer, a former Financial Advisor at Stifel Nicolaus & Co. in Pepper Pike, Ohio. Andrew Elsoffer has been in the securities industry since the 1990s and previously worked at Merrill Lynch.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), since 2002, Andrew Elsoffer has been the subject of six (6) customer complaints for sales practice violations and was discharged from his employment at Merrill Lynch for alleged rules violations.
The customer complaints against Andrew Elsoffer include the following:
March 2016—”Claimants allege securities fraud, common law fraud and misrepresentation, unsuitability, breach of fiduciary duty, elder abuse and exploitation, breach of contract, gross negligence, and negligence.” The mater was settled for $165,000.
Febuary 2016—”Client alleges losses resulting from unsuitable investments.” The matter was settled for $60,000.
August 2009—”THE CUSTOMER ALLEGES UNSUITABLE INVESTMENT RECOMMENDATIONS.” The matter was settled for $75,000.
In addition, in 2011, Merrill Lynch discharged Andrew Elsoffer for the alleged
“FAILURE TO FOLLOW MANAGEMENT DIRECTIVES AND VIOLATION OF FIRM POLICY INCLUDING EXERCISING TIME AND PRICE DISCRETION IN CLIENT ACCOUNTS AND MISMARKING ORDER TICKETS.”
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
If you or someone you know was a customer Andrew Elfsoffer and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at firstname.lastname@example.org to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.