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Kenneth Blumberg: $100K Fraud Complaint Against Hunt Valley Advisor
Stifel Nicolaus & Company financial advisors Kenneth Blumberg (CRD# 1585520) recently received an investor complaint alleging his advice resulted in damages of up to half a million dollars. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor based in Hunt Valley, Maryland.
Mr. Blumberg’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in March 2022, alleges that as a Stifel Nicolaus representative, he recommended unsuitable investments, misrepresented material information, committed fraud, breached his fiduciary duty, acted negligently, and over-concentrated investments. The pending complaint alleges damages between $100,000 and $500,000.
A second investor complaint, filed in 2017, alleged that while he was a Stifel Nicolaus representative, he breached contract, acted negligently, breached his fiduciary duty, and violated securities laws and rules. The complaint evolved into an arbitration proceeding before a FINRA panel, which in 2019 issued an award to the customer of $1,524,176.
A third investor complaint, filed in 2003, alleged that he committed fraud, breached contract, breached his fiduciary duty, committed fraud, churned investments, and misrepresented material facts while at Salomon Smith Barney. In 2004 the complaint reached a settlement of $27,000.
According to the Financial Industry Regulatory Authority, Kenneth Blumberg holds 35 years of securities industry experience. Based in Hunt Valley, Maryland, he has been a broker and an investment advisor with Stifel Nicolaus & Company since 2007. His past registrations include Ryan Beck & Company (Baltimore, Maryland; 2005-2007), Citigroup Global Markets (New York, New York; 1993-2005), and Lehman Brothers (New York, New York; 1986-1993). His credentials include the passage of five securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the National Commodity Futures Examination, or Series 3; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in Connecticut, the District of Columbia, Florida, Georgia, Maryland, New York, North Carolina, Ohio, Pennsylvania, and West Virginia. (Information current as of September 3, 2022.)
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