Miller Trial Law is investigating and litigating against Stifel, Nicolaus & Company, Incorporated and former financial advisor Coleman Devlin (CRD# 2317635) and current financial advisor Kenneth Blumberg (CRD# 1585520) pertaining to a multitude of allegations including taking discretion in customer accounts without authority, over-concentration in sectors and individual securities, breach of fiduciary duty, unsuitable investments in options and unlisted securities and other securities violations. Both Devlin and Blumberg were registered with Stifel during the time of the events, located in the downtown Baltimore office of Stifel, Nicolaus & Company, Incorporated, before being terminated for, among other things, the issues complained of in this arbitration. Mr. Devlin was previously sanctioned and dismissed from Morgan Stanley for similar violations.
In 2003 Devlin was sanctioned with suspension and disgorgement by the NASD and in 2017, Devlin was suspended from FINRA and received a financial penalty. Mr. Devlin also entered into an agreement with the New Jersey regulators and in order to maintain his licensing, was subjected to heightened supervision which the current allegations allege did not address the concerns.
The current arbitration was filed in December 2017 alleging, among other things, breach of contract, selling away, professional negligence, breach of fiduciary duty, violation of Maryland Securities Act, violation of the Securities Exchange Act of 1934 and SEC Rule 10b-5, and negligent supervision. These investors are seeking over $20,000,000 in damages for investment losses.