Comments on: Stifel, Nicolaus, and a Broker’s Theft of Client Money http://www.goodevalue.com/2008/03/stifel-nicolaus-and-a-brokers-theft-of-client-money/ It may be cheap, but is it a Goode value? Sun, 16 Oct 2011 22:06:46 -0400 http://wordpress.org/?v=2.8 hourly 1 By: Michael Goode http://www.goodevalue.com/2008/03/stifel-nicolaus-and-a-brokers-theft-of-client-money/comment-page-1/#comment-1361 Michael Goode Sun, 08 Nov 2009 04:06:52 +0000 http://www.goodevalue.com/2008/03/25/stifel-nicolaus-and-a-brokers-theft-of-client-money/#comment-1361 Ernest -- I think the better conclusion to draw is that you should avoid all full-service brokers. They have their interests at heart, not yours. Stick to a fee-only financial adviser. Ernest — I think the better conclusion to draw is that you should avoid all full-service brokers. They have their interests at heart, not yours. Stick to a fee-only financial adviser.

]]> By: Ernest Becker http://www.goodevalue.com/2008/03/stifel-nicolaus-and-a-brokers-theft-of-client-money/comment-page-1/#comment-1360 Ernest Becker Sat, 07 Nov 2009 22:59:44 +0000 http://www.goodevalue.com/2008/03/25/stifel-nicolaus-and-a-brokers-theft-of-client-money/#comment-1360 I have bad esperiences with Stiefel Nicolaus. Don't trust them!! The Melborne Florida office of Stiefel Nicolaus, including the Manger of that office (Jim Potter) is responsible for losses in my accoutns exceeding $250,000. Mr. Potter and his associates placed unsuitable investments in my accounts including one with Mogan Keegan Funds that is now worthless. At the same time Stifel Nicolaus charged me management fees for the mismanagement of my assets. These people have no idea with they are doing and they don't pay attention to what is happening in the economy as it impacts the assets under their management. Anyone considering an association with Stiefel Nicolaus should reevaluate their decision and look elseware. I moved all my accounts to Northwestern Mutual Wealth Management. I have bad esperiences with Stiefel Nicolaus. Don’t trust them!! The Melborne Florida office of Stiefel Nicolaus, including the Manger of that office (Jim Potter) is responsible for losses in my accoutns exceeding $250,000. Mr. Potter and his associates placed unsuitable investments in my accounts including one with Mogan Keegan Funds that is now worthless. At the same time Stifel Nicolaus charged me management fees for the mismanagement of my assets. These people have no idea with they are doing and they don’t pay attention to what is happening in the economy as it impacts the assets under their management. Anyone considering an association with Stiefel Nicolaus should reevaluate their decision and look elseware. I moved all my accounts to Northwestern Mutual Wealth Management.

]]> By: michael http://www.goodevalue.com/2008/03/stifel-nicolaus-and-a-brokers-theft-of-client-money/comment-page-1/#comment-473 michael Fri, 09 May 2008 21:48:55 +0000 http://www.goodevalue.com/2008/03/25/stifel-nicolaus-and-a-brokers-theft-of-client-money/#comment-473 Here are the quotes from the Missouri Securities Division consent order regarding the excessive trading. (MR1 means Missouri Resident #1): "Account statements and trade confirmations provided by Stifel show that during 2004, Munsch recommended sixty-two (62) trades in MR1’s account, turning over her entire equities portfolio three times, generating commissions of fifteen thousand, four hundred and ninety-eight dollars ($15,498.00). During 2005, Munsch recommended ninety-one (91) trades in MR1’s account, generating commissions of twenty-one thousand, eight hundred five dollars ($21,805.00). During 2006, Munsch recommended one hundred and nine (109) trades in MR1’s account, generating commissions of twenty-six thousand, five hundred fifty-eight dollars ($26,558.00)." ... "A review of account statements and trade confirmations showed that in 2004 Munsch performed fifty (50) trades in MR2’s account, generating commissions of thirteen thousand, five hundred eight dollars ($13,508.00). During 2005, nine (9) trades were performed in MR2’s account, generating commissions of two thousand, sixteen dollars ($2,016.00). During 2006, sixty-three (63) trades were performed by Munsch, generating commissions of sixteen thousand, eight hundred sixty-five dollars ($16,865.00) " Here are the quotes from the Missouri Securities Division consent order regarding the excessive trading. (MR1 means Missouri Resident #1):

“Account statements and trade confirmations provided by Stifel show that during 2004, Munsch recommended sixty-two (62) trades in MR1’s account, turning over her entire equities portfolio three times, generating commissions of fifteen thousand, four hundred and ninety-eight dollars ($15,498.00).

During 2005, Munsch recommended ninety-one (91) trades in MR1’s account, generating commissions of twenty-one thousand, eight hundred five dollars ($21,805.00).

During 2006, Munsch recommended one hundred and nine (109) trades in MR1’s account, generating commissions of twenty-six thousand, five hundred fifty-eight dollars ($26,558.00).”

…

“A review of account statements and trade confirmations showed that in 2004 Munsch performed fifty (50) trades in MR2’s account, generating commissions of thirteen thousand, five hundred eight dollars ($13,508.00).

During 2005, nine (9) trades were performed in MR2’s account, generating commissions of two thousand, sixteen dollars ($2,016.00).

During 2006, sixty-three (63) trades were performed by Munsch, generating commissions of sixteen thousand, eight hundred sixty-five dollars ($16,865.00)
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