Mitchell Yanow – Stifel Nicolaus & Co. – Boca Raton, Florida
According to the Financial Industry Regulatory Authority (FINRA), the regulator has permanently barred financial advisor Mitchell Yanow (CRD # 2148171) from the securities industry for allegedly converting funds from an elderly client.
FINRA alleged in a Letter of Acceptance, Waiver and Consent that in or around July 2017, an 87-year-old customer of Stifel Nicolaus gave Yanow blank checks drawn on the customer’s brokerage account so that Yanow could pay the customer’s caregivers in the event the customer was unable to do so.
However, from at least August 2017 through May 2018, while registered with Stifel, Nicolaus & Co., Yanow allegedly used the customer’s blank checks to convert at least $205,586 of the customer’s funds, which Yanow purportedly used to pay for his own personal expenses without the customer’s knowledge or consent.
According to his FINRA BrokerCheck report, Yanow was working for Stifel, Nicolaus & Co. in Boca Raton, FL from April 2015 until he was fired in May 2018 because he “took money from a client account for his personal use without authorization.” Prior to that, he was affiliated with Oppenheimer & Co. in Palm Beach Gardens, FL from November 2008 until May 2015.
For FINRA’s full findings see FINRA case number 2018058538001.
Investigating Potential Claims
The White Law Group is investigating the liability that Yanow’s former employer, Stifel, Nicolaus & Co., may have for his alleged actions.
Brokerage firms are required to properly supervise their advisors. They must ensure that those advisors are complying with applicable FINRA rules and regulations. If it can be demonstrated that Stifel Nicolaus failed to properly supervise him, the firm may be held responsible for investment losses in a FINRA arbitration claim.
If you have invested with Mitchell Yanow and are concerned about your investments, the securities attorneys at The White Law Group may be able to help you. For a free consultation with a securities attorney, please call our offices at 888-637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.
For more information on The White Law Group, please visit our website at https://www.whitesecuritieslaw.com.