Mitchell Toby Yanow of Boynton Beach, Florida submitted a Letter of Acceptance, Waiver, and Consent (AWC) in which Yanow was barred by the Financial Industry Regulatory Authority (FINRA) for allegedly using a client’s funds in violation of FINRA Rules 2150(a) and 2010.
In April 2015, Yanow joined Stifel Nicolaus and Company Inc. as a General Securities Representative. The findings stated that Yanow was terminated by his firm on May 10, 2018 for allegedly taking money from a client’s account and using it for his own personal use without authorization. According to FINRA an 87-year-old Firm customer provided Yanow with blank checks that were to be used specifically to pay the clients caregivers if the customer could not pay them. FINRA further found that without the customer’s knowledge or approval, Yanow allegedly used the checks to convert $205,586 in funds to pay for his own expenses, including his overdue homeowner’s association fees, his children’s summer camp and to purchase a 1976 Corvette.
Without admitting or denying FINRA’s findings, Mitchell Toby Yanow has been barred from association with any FINRA member in all capacities.
Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from unauthorized trading, and/or other misconduct by their broker can file claims to recover damages against broker-dealers, like Stifel Nicolaus and Company, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct.
Have you suffered losses in your Stifel Nicolaus and Company account due to misconduct by your broker? Was Mitchell Toby Yanow your stockbroker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against Stifel Nicolaus and Company stockbrokers who may have engaged in broker misconduct and caused investors’ losses.
The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at firstname.lastname@example.org for answers to any of your questions about this blog post and/or any related matter.