Articles Posted in Reg BI

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Andrew Elsoffer (Elsoffer), previously associated with Stifel, Nicolaus & Company, Incorporated, has at least 2 disclosable events. These events include one customer complaint, one regulatory event, alleging that Elsoffer recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on February 25, 2022.

Without admitting or denying the findings, Elsoffer consented to the sanctions and to the entry of findings that he exercised discretion without written authorization in customer accounts. The findings stated that although the customers understood that Elsoffer was conducting trading in their accounts, none of them provided prior written authorization for him to exercise discretion in their accounts. In addition, Elsoffer\\u2019s member firm did not accept these accounts as discretionary. The findings also stated that Elsoffer assisted his firm customer, who was a close friend but not an immediate family member, with renovating his home at a time when the customer was unable to oversee the renovations himself. He loaned the customer a total of $13,703 to pay to the contractors renovating the home. The customer then reimbursed Elsoffer via three checks totaling $2,703 drawn on his firm account and two checks totaling $11,000 drawn on his bank account. Elsoffer did not disclose or seek prior approval from the firm for the loans. The findings also included that Elsoffer initially provided false information to FINRA. FINRA requested that Elsoffer provide a signed statement addressing his termination from the firm and allegations that he had violated firm policy. In Elsoffer\\u2019s written response, he misrepresented that all check writing was done from the customer\\u2019s firm account. FINRA later asked Elsoffer whether, in addition to the three checks written from the firm account, the customer had written Elsoffer additional checks from any bank accounts and if so, to provide all supporting documentation. In his written response, Elsoffer misrepresented that no other checks existed. Elsoffer later corrected his prior misstatements by producing personal bank statements and two additional cancelled checks drawn on the customer\\u2019s bank account totaling $11,000.