National investment loss lawyers KlaymanToskes reports that Stifel Financial has paid or been ordered to pay over $181 million in connection with unsuitable structured note investment recommendations tied to Miami-based broker Chuck Roberts. The most notable of these cases includes a $133 million FINRA arbitration award finalized on March 12, 2025, for failing to supervise Roberts’ high-risk structured note strategy.
KlaymanToskes is currently representing a Stifel customer (Case No. 23-02648) seeking to recover $1.3 million in damages for an unsuitable and overconcentrated portfolio of structured notes.
The most recent $133 million award included:
A three-person FINRA arbitration panel found that Stifel failed to supervise Roberts, allowed dangerous overconcentration in speculative notes, and permitted the use of unauthorized text messaging to sell “custom” structured note products, in violation of SEC recordkeeping rules.
Following the March 2025 ruling, Stifel has resolved multiple other investor complaints, including:
Customers of Stifel and other brokerage firms who suffered losses due to recommendations to invest in unsuitable structured note investments are encouraged to contact KlaymanToskes at 888-997-9956 or by email at investigations@klaymantoskes.com for a free and confidential consultation to discuss potential recovery options.
According to the arbitration panel, Stifel had actual knowledge of misconduct by Chuck Roberts yet allowed the flawed strategy to continue. Clients were exposed to overconcentrated positions in sectors like biotech and technology, often through structured notes tied to volatile stocks like Palantir, Dynatrace, DocuSign, and Twilio.
Despite mounting losses and regulatory scrutiny, Stifel continues to defend the strategy, stating that investors were sophisticated and accepted the risks. The firm has since filed in court to overturn the $133 million award.
According to FINRA’s BrokerCheck, Chuck Roberts has been the subject of 34 public disclosures, including 32 customer complaints totaling over $40 million in alleged damages. Since joining Stifel from Morgan Stanley in 2019, Roberts reportedly earned over $61 million in commissions from selling $3.7 billion in structured notes—a significant red flag in light of the mounting claims.
Structured notes are complex, high-risk financial products that combine derivatives with traditional securities. While these products can offer customized investment solutions, they often come with hidden risks, high fees, and limited liquidity. Investors who have suffered losses due to unsuitable investment recommendations or broker misconduct due to Stifel’s structured note strategy, should contact us immediately at 888-997-9956 for a free and confidential consultation.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $600 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, Nebraska, New York, and Puerto Rico.
KlaymanToskes, P.A.
Steven D. Toskes, Esq.
888-997-9956
investigations@klaymantoskes.com
www.klaymantoskes.com