Claimant Wins FINRA Arbitration Against Stifel, Nicolaus & Co. and its Advisor based in Southfield, Michigan. FINRA Arbitration No: 24-00627
The Financial Industry Regulatory Authority (FINRA) regulates brokerage firms doing business with United States investors. FINRA is overseen by the U.S. Securities and Exchange Commission (SEC) and can write rules and enforce compliance with those rules and federal securities laws.1
Investors can file complaints with FINRA.
The organization can take disciplinary actions against registered individuals or firms that violate its’ rules and can refer fraud and insider trading cases to the U.S. Securities and Exchange Commission and other government agencies for prosecution.2
In March 2024, Francisco Adamopoulos filed a claim with FINRA against Stifel, Nicolaus & Co, a full-service retail and institutional brokerage and investment banking firm based in St. Louis, Missouri.
Adamopoulos alleged the following in his FINRA Statement of Claim:3
• Unauthorized trading;
• Fraud;
• Breach of fiduciary duty;
• Negligence;
• Breach of contract;
• Over-concentration;
• Violation of FINRA Rule 2111 (requiring brokers to ensure that any investment recommendation is suitable for a customer based on their unique financial profile and investment objectives);
• Violation of FINRA Rule 2010 (requiring all member firms and associated persons to observe high standards of commercial honor and just and equitable principles of trade);
• Failure to supervise/respond to superior/negligent hiring; and,
• Violation of Investment Advisors Act of 1940.
These claims arise from Adamopoulos’ allegation that Loren Morrison bought risky, speculative positions without Adamopoulos’ consent.Adamopoulos asked for $305,680.91 in damages, interest, costs and other relief deemed just, proper and equitable.
The case was arbitrated by an all-public panel of independent arbitrators. The panel rendered its award on February 3, 2026. The award held that Stifel and Morrison are jointly and severally liable for compensatory damages, expert fees, hearing fees, to a total of $302,607.00.
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1 About FINRA
Link: https://www.finra.org/about
2 Understanding FINRA: Rules, Oversight, and Investor Protection by Liz Manning, 4/25/2026
Link: https://www.investopedia.com/terms/f/finra.asp
3 Award FINA Dispute Resolution Services Adamopoulos vs. Stifel, et. Al.
Link: https://www.finra.org/sites/default/files/aao_documents/24-00627.pdf