Category: Nicolaus & Company

Did You Lose Money Because of Andrew Elsoffer?

Filed: November 2, 2023

Andrew Elsoffer has been the subject of one (1) regulatory event, two (2) termination events, and eight (8) customer complaints. As an investor, you may be entitled to compensation for losses accrued due to mismanagement of your investments.

Let’s begin our Patil Law Advisor Alert with a summary report on Andrew Bruce Elsoffer.

Who Is Andrew Bruce Elsoffer?

• Advisor Name: Andrew Bruce Elsoffer
• Aliases: Andrew Elsoffer
• CRD: 2580009
• Location: Pepper Pike, Ohio
• Current Employer: FINRA has suspended this individual from acting as a broker.
• Previous Firms: Stifel, Nicolaus & Company, Incorporated and Merrill Lynch, Pierce, Fenner & Smith Incorporated
• Number of Known Customer Complaints: 8
• Number of Known Regulatory Events: 1
• Number of Known Termination Events: 2
• Can Andrew Elsoffer Be Sued: Yes, in Private Arbitration
• Can Andrew Elsoffer’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
• Highest Damages Allegation: $2,250,000
• Highest Settlement: $165,000

If you have suffered investment losses by Andrew Elsoffer, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining an investment fraud lawyer. Reach out to the legal team at Patil Law, P.C. via the secure online form or call the firm directly toll-free at 1-800-950-6553.

Customer Complaints Filed Against Andrew Elsoffer For Broker Misconduct

As of this publication date, Andrew Elsoffer has been the subject of 1 regulatory event, 2 termination events, and 8 customer disputes. Let’s review them below.

In February 2022, FINRA initiated a regulatory event against or in reference to Andrew Elsoffer. Without admitting or denying the findings, Elsoffer consented to the sanctions and to the entry of findings that he exercised discretion without written authorization in customer accounts. The findings stated that although the customers understood that Elsoffer was conducting trading in their accounts, none of them provided prior written authorization for him to exercise discretion in their accounts. In addition, Elsoffer’s member firm did not accept these accounts as discretionary. The findings also stated that Elsoffer assisted his firm customer, who was a close friend but not an immediate family member, with renovating his home at a time when the customer was unable to oversee the renovations himself. He loaned the customer a total of $13,703 to pay to the contractors renovating the home. The customer then reimbursed Elsoffer via three checks totaling $2,703 drawn on his firm account and two checks totaling $11,000 drawn on his bank account. Elsoffer did not disclose or seek prior approval from the firm for the loans. The findings also included that Elsoffer initially provided false information to FINRA. FINRA requested that Elsoffer provide a signed statement addressing his termination from the firm and allegations that he had violated firm policy. In Elsoffer’s written response, he misrepresented that all check writing was done from the customer’s firm account. FINRA later asked Elsoffer whether, in addition to the three checks written from the firm account, the customer had written Elsoffer additional checks from any bank accounts and if so, to provide all supporting documentation. In his written response, Elsoffer misrepresented that no other checks existed. Elsoffer later corrected his prior misstatements by producing personal bank statements and two additional canceled checks drawn on the customer’s bank account totaling $11,000.

In February 2020, a FINRA arbitration was filed against or in reference to Andrew Elsoffer by multiple customers of Stifel, Nicolaus & Company, Incorporated alleging common law fraud, negligence, breach of fiduciary duty, and breach of contract. Per the customers, they lost over $250,000 because of Mr. Elsoffer’s actions. On May 2, 2022, Mr. Elsoffer settled the claim for $20,000, and some or all of this amount may have been paid by Mr. Elsoffer’s employer and/or insurance carrier.

In July 2019, a FINRA arbitration was filed against or in reference to Andrew Elsoffer by multiple customers of Stifel, Nicolaus & Company, Incorporated alleging negligence, failure to supervise, suitability, unauthorized trading, breach of contract, breach of fiduciary duty, and violations of the Ohio securities laws. Per the customers, they lost over $100,000 because of Mr. Elsoffer’s actions. On September 11, 2020, Mr. Elsoffer settled the claim for $14,999, and some or all of this amount may have been paid by Mr. Elsoffer’s employer and/or insurance carrier.

In October 2018, Stifel, Nicolaus & Company, Incorporated terminated Andrew Elsoffer for loss of confidence following the settlement of an arbitration and violation of the firm’s policy prohibiting receipt of customer funds into an employee’s account. The customer has not complained and the firm has found no evidence of wrongful taking of client property.

In March 2016, a FINRA arbitration was filed against or in reference to Andrew Elsoffer by multiple customers of Stifel, Nicolaus & Company, Incorporated alleging securities fraud, common law fraud and misrepresentation, unsuitability, breach of fiduciary duty, elder abuse and exploitation, breach of contract, gross negligence, and negligence. Per the customers, they lost over $2,250,000 because of Mr. Elsoffer’s actions. On October 27, 2016, Mr. Elsoffer settled the claim for $165,000, and some or all of this amount may have been paid by Mr. Elsoffer’s employer and/or insurance carrier.

In February 2016, a FINRA arbitration was filed against or in reference to Andrew Elsoffer by a customer of Stifel, Nicolaus & Company, Incorporated alleging losses resulting from unsuitable investments in May 2, 2013 through September 18, 2015. Per the customer, he/she lost over $287,705.22 because of Mr. Elsoffer’s actions. On October 9, 2018, Mr. Elsoffer settled the claim for $60,000, and some or all of this amount may have been paid by Mr. Elsoffer’s employer and/or insurance carrier.

In October 2011, Merrill Lynch, Pierce, Fenner & Smith Incorporated terminated Andrew Elsoffer for failing to follow management directives and violation of firm policy including exercising time and price discretion in client accounts and mismarking order tickets.

In August 2009, a FINRA arbitration was filed against or in reference to Andrew Elsoffer by a customer of Merrill Lynch, Pierce, Fenner & Smith Incorporated alleging that Mr. Elsoffer recommended unsuitable investments. Per the customer, he/she lost over $446,000 because of Mr. Elsoffer’s actions. On May 23 2011, Mr. Elsoffer settled the claim for $75,000, and some or all of this amount may have been paid by Mr. Elsoffer’s employer and/or insurance carrier.

In February 2005, a complaint was filed against or in reference to Andrew Elsoffer by a customer of Merrill Lynch, Pierce, Fenner & Smith Incorporated alleging that Mr. Elsoffer made excessive trades. Per the customer, he/she lost over $12,000 because of Mr. Elsoffer’s actions. On April 20 2005, Mr. Elsoffer settled the claim for $2,520, and some or all of this amount may have been paid by Mr. Elsoffer’s employer and/or insurance carrier.

In March 2004, a complaint was filed against or in reference to Andrew Elsoffer by a customer of Merrill Lynch, Pierce, Fenner & Smith Incorporated alleging that Mr. Elsoffer made unauthorized transactions. Per the customer, he/she lost over $42,000 because of Mr. Elsoffer’s actions.

In September 2002, a complaint was filed against or in reference to Andrew Elsoffer by multiple customers of Merrill Lynch, Pierce, Fenner & Smith Incorporated alleging that their professionally managed accounts were not suitable. On September 2, 2004, Mr. Elsoffer settled the claim for $6,000, and some or all of this amount may have been paid by Mr. Elsoffer’s employer and/or insurance carrier.

How To File A Claim Against Andrew Elsoffer (previously with Stifel, Nicolaus & Company, Incorporated and Merrill Lynch, Pierce, Fenner & Smith Incorporated) To Get Your Money Back.

If you have questions about Andrew Elsoffer, Stifel, Nicolaus & Company, Incorporated, Merrill Lynch, Pierce, Fenner & Smith Incorporated, or the management or performance of your accounts, please contact Attorney Patil for a free initial consultation via email or toll free at 1-800-950-6553.