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Investor Alleges CR Wealth’s Chuck Roberts Breached FINRA Rules
A Stifel Nicolaus investor recently filed a complaint alleging that Chuck Roberts (CRD# 2064602) recommended investments that resulted in seven-figure losses. Financial Industry Regulatory Authority records show that the New York City and Miami Beach representative is registered as a broker and as an investment advisor. His firm’s website shows that he is a Managing Director of the CR Wealth Management Group.
Investor Files $1,000,000 Complaint Against Roberts
Mr. Roberts’ BrokerCheck report, a FINRA-maintained record, discloses a total of two investor complaints. The most recent was filed in October 2022. It alleges that he breached FINRA rules, made negligent misrepresentations, and breached his fiduciary duty “in connection with an outside investment in a hedge fund and with investments purchased at Stifel.” The pending complaint alleges damages of $1 million.
Earlier Complaint Led to 6-Figure Award
A second complaint disclosed on Mr. Roberts’ BrokerCheck report was filed in 2010. It alleged that as a representative of Citigroup Global Markets, he made misrepresentations of material facts, unsuitable investment recommendations, and unauthorized transactions. The complaint evolved into a FINRA arbitration proceeding, resulting in an award to the customer of $202,228.
Why Did FINRA Sanction Chuck Roberts?
FINRA records also described a 2010 enforcement action taken against Mr. Roberts by the regulatory. The sanction concerned findings that he “had knowledge” that a sales assistant, and potentially others at his firm, “replaced customer email addresses with the sales assistant’s firm email address to facilitate the opening of online accounts” and to minimize customer communications. As a result, FINRA found, trade confirmation messages were sent to assistant’s email address rather than customers, in violation of industry rules. FINRA’s findings state further that a relative of Mr. Roberts opened accounts at the firm that were serviced by Mr. Roberts; however, FINRA states, Mr. Roberts did not notify the firm that the account owner was a relative of his. As such, the accounts were not identified “as being employee related,” according to the sanction. In connection with these findings, FINRA censured Mr. Roberts, issued him a fine of $40,000, and suspended him from registering with any FINRA member firm in any capacity for four weeks.
Call Us for a Free Consultation About Your Investor Complaint
According to the Financial Industry Regulatory Authority, Chuck Roberts has spent 32 years in the securities industry. He has been registered with Stifel Nicolaus in New York City and Miami Beach since 2016. Before he joined Stifel, where he is part of CR Wealth Management Group, he was registered with firms including Morgan Stanley and Citigroup Global Markets. Investors can access additional information about his background in the securities industry via his FINRA-maintained BrokerCheck report. (Information current as of November 14, 2022.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.