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Broker David J. Morris of Stifel, Nicolaus & Co. Suspended by Regulators

April 26, 2023

Did You Incur Investment Losses with David Jeffrey Morris? Contact KlaymanToskes

National investment loss lawyers KlaymanToskes reports that Stifel, Nicolaus & Company broker/investment advisor David Jeffrey Morris (CRD# 2522277) has been indefinitely suspended by the Financial Industry Regulatory Authority (“FINRA”) from acting as a broker at any FINRA-regulated brokerage firm. 

Morris is also the subject of a pending customer complaint that alleges $480,000 in damages and violations of Illinois Securities Laws, FINRA rules, common law fraud, breach of fiduciary duty, breach of contract, and negligence.

Investors that suffered losses with David Jeffrey Morris at Stifel, Nicolaus & Co. may have recovery options. Contact attorney Lawrence L. Klayman, Esq., at 888-997-9956 or lklayman@klaymantoskes.com for a free consultation to discuss legal options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.

Stifel, Nicolaus & Co. Broker/Advisor David J. Morris Suspended by FINRA

While registered with Stifel, Nicolaus & Co., Morris allegedly failed to respond to FINRA’s request for information. The Chicago, Illinois-based broker will remain suspended starting February 24th, 2023 until required information is provided to FINRA or the suspension converts to a bar. If Morris fails to request a termination of his suspension, he will be automatically barred on May 3, 2023 from associating with any FINRA member in all capacities. 

According to his FINRA BrokerCheck record, David Jeffrey Morris has six public disclosures including three customer complaints. His most recent customer complaint is pending and alleges $480,000 in damages to the customer’s Stifel, Nicolaus & Co. account. The complaint relates to investment recommendations in common and preferred stock. 

Morris was previously hit with a customer complaint that alleged he made unsuitable investments in their accounts and misrepresented the fees they were being charged. The customer alleged $1,200,000 in damages due to equity investment recommendations, but the complaint was later withdrawn. Another complaint against the broker alleged mismanagement and unsuitable recommendations. 

The broker’s other regulatory action in March 2022 was a suspension for “failure to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance”. Under FINRA Rule 9554, brokerage firms and their registered brokers/investment advisors are obligated to comply with all FINRA arbitration judgements. 

Customers of David Jeffrey Morris and/or any other broker at Stifel, Nicolaus & Co. who have experienced significant investment losses are encouraged to contact attorney Lawrence L. Klayman, Esq. at 888-997-9956 or lklayman@klaymantoskes.com for a free and confidential consultation.

Our firm offers legal services on a contingency fee basis, meaning we do not collect attorney’s fees unless we are able to obtain a financial recovery for you.

About KlaymanToskes

KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.

Contact

KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lklayman@klaymantoskes.com
www.klaymantoskes.com