Former Stifel, Nicolaus & Company investment broker Mitchell Yanow
was recently barred after he consented to the Financial Industry Regulatory
Authority’s (FINRA’s) findings that he unlawfully converted
over $200,000 in customer funds.
Mitchell Yanow worked for Stifel, Nicolaus & Company in Boca Raton,
Florida from 2015 to 2018. Prior to that, he worked as a securities representative
with Oppenheimer. He was discharged from Stifel, Nicolaus & Company
in May 2018 over the allegations of stealing from customers.
According to information reported by FINRA, the elderly customer provided
blank checks to Mitchell Yanow so that he could pay for the services provided
by the customer's caregivers. Instead, the former broker wrote approximately
33 checks without the customer's knowledge or consent to pay for his
own personal expenses including homeowners' association fees, summer
camp fees, and a 1976 Corvette.
As a result of his alleged misconduct, FINRA determined that Yanow violated
his customer's trust for his own gain. In doing so, he violated FINRA
Rule 2150 and was permanently barred from working with FINRA member firms
in the future.
Yanow's BrockerCheck report also reveals one other customer dispute
from 2015 in which he was accused of charging excessive commission and
margin interest. That dispute was settled for $144,000.
Did You Experience Financial Losses While Working With Mitchell Yanow?
If you lost money while investing with Mitchell Yanow, Meyer Wilson would
like to hear from you. Give our office a call at (888) 390-6491 to
speak with one of our investment fraud attorneys. You may be able to recoup some or all of your losses.