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Dave Stone: Stifel Advisor Faces 7-Figure Complaint
New York City financial advisor Dave Stone (CRD# 4219856) recently received an investor complaint alleging his conduct resulted in seven-figure damages. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Stifel Nicolaus & Company.
Mr. Stone’s BrokerCheck report discloses one investor complaint. Filed in October 2023, it alleges that as a representative of Stifel Nicolaus & Company, he breached his fiduciary duty, committed fraud, acted negligently, breached contract, violated the New Jersey Uniform Securities Law, and violated the Florida Securities and Investor Protection Act. (For reference, the fiduciary standard requires investment advisors to put their clients’ interests ahead of their own, disclose any conflicts of interest, and act in good faith and with loyalty to the customer; it is similar to but distinct from the suitability standard that applies to brokers.) The pending complaint alleges damages between $1 million and $5 million.
Mr. Stone is a Managing Director in The CR Wealth Management Group at Stifel Nicolaus, according to the firm’s website. “As your financial advisor, I can help you define and strive to meet your goals by delivering a vast array of resources to you in the way that is most appropriate for how you invest and what you want to pursue,” his profile states. “You will have access to some of the world’s most seasoned and respected investment professionals, a premier trading and execution platform, and a full spectrum of investment choices.”
According to the Financial Industry Regulatory Authority, Dave Stone holds 21 years of securities industry experience. Based in New York City, he has been a broker and an investment adviser with Stifel Nicolaus & Company since 2016. He is also registered with the firm’s office in Miami, Florida. His past registrations include Morgan Stanley (New York, New York; 2009-2016), Citigroup Global Markets (New York, New York; 2009), Merrill Lynch (New York, New York; 2007-2008), and JP Morgan Securities (New York, New York; 2000-2002). His credentials include the passage of five securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Futures Managed Funds Examination, or Series 31; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Securities Agent State Law Examination, or Series 66. He holds 42 state licenses. (Information current as of November 12, 2023.)
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