Securities Fraud Lawyer Blog
In March, 2015, a three member FINRA arbitration panel sitting in Jackson, Mississippi issued a $1,292,000 binding arbitration award against Lanis Noble and Stifel Nicolaus & Co. for violations in their Ridgeland, MS office.
The underlying matter involved allegations that Lanis Noble and Stifel Nicolaus mismanaged a customer account, breached fiduciary duties, failed to follow industry rules and standards and violated Mississippi and Federal Securities Laws. The causes of action pertained to Noble and Stifel’s’ use of margin in the customer’s account as well as the purchases of SunLife and ManuLife variable annuities, and of a Friedman Billings Ramsey REIT.
After an eleven day arbitration hearing from December 2014 through February, 2015, the arbitration panel rendered their decision and awarded the customers $1,292,342 in compensatory damages, and $250,000 in attorney’s fees against Stifel Nicolaus and Lanis Noble.
As a result of this award The Law Office of David Liebrader has opened an investigation into Lanis Noble and other brokers at Stifel Nicolaus.
Lanis Noble’s broker check lists six customer complaints over the past 21 years in the brokerage industry. He was employed with Stifel from 2000-2013. Prior to that he was affiliated with Sterne Agee & Leach.
Stifel Nicolaus is a Missouri corporation formed in 1900 and it is registered to do business in 53 states and territories.
FINRA Code of Arbitration Procedure section 12904 governs the issuance and payments of awards. Key provisions of the rule are that the award may be entered as a judgment in any court of competent jurisdiction, after a motion to confirm the award is filed pursuant to state or federal law. Furthermore, unless the applicable law directs otherwise, all awards rendered under the Code of Arbitration Procedure are final, and are not subject to review or appeal. Grounds for overturning binding FINRA arbitration awards are extremely limited. Lanis Noble and Stifel Nicolaus had thirty days to pay the award, or to seek to have the award vacated.
If you are the victim of investment fraud, or if you have lost money investing with Lanis Noble or Stifel Nicolaus Equities, please call The Law Office of David Liebrader at (702) 380-3131 for a free, confidential consultation to discuss your legal rights and options. Our firm takes cases on a straight contingency fee, with no money up front, and no money owed unless there is a recovery.
There is no charge for the initial consultation, so call (702) 380-3131 today to speak with an experienced securities attorney who will fight to recover your losses.
The Law Office of David Liebrader practices exclusively in the field of investment loss recovery. For the past 23 years, we have dedicated our law practice to assisting investors who have been victims of investment fraud via fraudulent and unsuitable investment transactions. During that time we have recovered money for over one thousand individuals, pension plans, trusts and companies. The recoveries we have obtained via judgments, awards and settlements on behalf of our clients exceed $40,000,000.