A Financial Industry Regulatory Authority Inc. arbitration panel has awarded $800,000 in compensatory damages in a case which charged a Stifel Nicolaus & Co. Inc. broker with fraud.
Merle L. Buzzotta claimed that her estranged, and now deceased, husband and a Stifel rep, John Hoff Russell, intentionally used subterfuge to obtain consent to transactions that removed assets from joint accounts to benefit a third party. Buzzotta also alleged that as a result of Russell not providing her with material information, she and her children were left substantially disinherited from the majority of the financial assets that had been provided for them under the couple’s estate plans.
Buzzotta, of St. Louis, had requested compensatory damages in excess of $3 million and punitive damages of more than $1 million.
Russell’s request for expungement of the matter from his Finra record was denied.
The banking giant's wealth arm extends its revenue streak as it pushes to exit consent orders weighing on growth since 2020.
New Allspring research finds 401(k) participants want guidance on income and rollovers, not just portfolio automation.
Aging homeowners hold record housing wealth - but most advisors still aren't bringing it into retirement plans
$1.7M invested from an inheritance. Then the phone went dead.
The pre-IPO platform sold $430M in units while allegedly rigging prices behind the scenes.
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
