Michael Barry: $100K Complaint Against Stifel Advisor

New Orleans, Louisiana financial advisor Michael Barry (CRD# 2690041) recently received an investor complaint alleging that his advice resulted in six-figure damages. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Stifel Nicolaus & Company.

Mr. Barry’s BrokerCheck report discloses two investor complaints. The most recent, filed in April 2026, alleges that as a representative of Stifel Nicolaus & Company, he violated Regulation Best Interest, acted negligently, committed fraud and fraudulent inducement, breached his fiduciary duty, negligently misrepresented and omitted risks associated with a mutual fund investment, and violated FINRA Rules 2010, 2111, and 3110. The pending complaint alleges damages of $100,000.

An earlier investor complaint, filed in 2020, alleged that as a representative of Stifel Nicolaus & Company, he breached his fiduciary duty, misrepresented and failed to disclose material facts, acted negligently, and violated Louisiana securities laws. The complaint reached a settlement of $15,000.

For reference, FINRA Rule 3010 required that member firms “establish and maintain a system to supervise the activities of each registered representative, registered principal, and other associated person that is reasonably designed to achieve compliance with applicable securities laws and regulations.” It has been superseded by FINRA Rule 3110, which similarly requires firms to “establish and maintain a system to supervise the activities of each associated person that is reasonably designed to achieve compliance with applicable securities laws and regulations, and applicable FINRA rules.” Section 20(a) of the Securities Exchange Act, meanwhile, makes individuals or entities liable for the actions of persons under their control, potentially making supervisory and management personnel at broker-dealer firms liable for the misconduct of representatives under their management.

FINRA Rule 2010 stipulates that FINRA-registered brokers must “observe high standards of commercial honor and just and equitable principles of trade.” Various forms of unethical conduct may be violations of FINRA Rule 2010, so long as the failures occur “in the conduct of [the member’s] business.” Financial advisors who fail to uphold this rule may be found liable in the event of damages.

According to the Financial Industry Regulatory Authority, Michael Barry holds 30 years of securities industry experience. Based in New Orleans, Louisiana, he has been registered as a broker and an investment advisor with Stifel Nicolaus & Company since 2015. His past registrations include Sterne Agee & Leach, Citigroup Global Markets, and Legg Mason Wood Walker. His credentials include the passage of four securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the Uniform Investment Adviser Law Examination, or Series 65; the Uniform Securities Agent State Law Examination, or Series 63; and the General Securities Representative Examination, or Series 7. He holds 23 state licenses. (Information current as of June 4, 2026.)

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