Mark Elston: $500K Fraud Complaint Against Stifel Advisor

Reno, Nevada financial advisor Mark Elston (CRD# 702496) recently received an investor complaint alleging that he violated industry rules, resulting in damages. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Stifel Nicolaus.

Mr. Elston’s BrokerCheck report discloses one investor complaint. Filed in September 2026, it alleges that as a representative of Stifel Nicolaus, he breached contract, violated the Consumer Protection and Deceptive Trade Practices Act, committed promissory estoppel, breached his fiduciary duty, acted negligently, engaged in unjust enrichment, misrepresented and omitted material facts, and committed fraud. The pending complaint alleges damages of $500,000.

A second disclosure on Mr. Elston’s BrokerCheck report concerns his termination from LPL Financial. Filed in 2014, it states that the firm fired him in connection with allegations of “frequent switching activity involving mutual funds, unit investment trusts and exchange-traded funds as well as incomplete disclosure documentation related to such activity.”

According to the Financial Industry Regulatory Authority, Mark Elston holds 46 years of securities industry experience. Based in Reno, Nevada, he has been registered as a broker and an investment advisor with Stifel Nicolaus since 2014. His past registrations include LPL Financial, Wells Fargo Advisors, RBC Dain Rauscher, Dain Rauscher, Everen Securities, Birr Wilson Securities, and Dean Witter Reynolds. His credentials include the passage of eight securities industry qualifying exams: the General Securities Sales Supervisor – General Module Examination, or Series 10; the General Securities Sales Supervisor – Options Module Examination, or Series 9; the General Securities Sales Supervisor Examination, or Series 8; the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7; the Interest Rate Options Examination, or Series 5; the Uniform Investment Adviser Law Examination, or Series 65; and the Uniform Securities Agent State Law Examination, or Series 63. He holds 33 state licenses. (Information current as of October 17, 2026.)

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