Meyer Wilson is currently looking into allegations against former Stifel, Nicolaus & Company financial broker and investment advisor Andrew Bruce Elsoffer for recommending unsuitable investments to his customers.
According to the allegations, Elsoffer recommended his customers invest in Linn Energy- an oil and natural gas company based out of Huston, Texas. When crude oil prices sank below $40 per barrel in 2015, the values of Linn Energy, like those of many energy companies, dropped significantly. The company took on significant debt and filed for Chapter 11 Bankruptcy in 2016 as a result. The massive fall of the energy sector caused many investors to suffer substantial losses.
Multiple customer disputes were filed against Elsoffer in recent years. According to his BrokerCheck report, Elsoffer has numerous complaints alleging that he recommended unsuitable investments, committed securities fraud, breached his fiduciary duty, and was grossly negligent, among others.
Elsoffer was registered with Stifel Nicolaus & Company from 2011 to 2018. In October 2018, he was discharged from the firm for loss of confidence after an arbitration settlement and the violation of the firm's policy regarding the placement of customer funds into an employee's account. Prior to his time at Stifel Nicolaus, Elsoffer worked with Merrill Lynch, Pierce, Fenner & Smith, Inc. from 1995 to 2011. He was terminated from that firm after allegedly failing to follow the company's directives and violating the firm's policy regarding exercising time and price discretion in customer accounts and mismarking order tickets.
Fortunately, people who lost money investing with Linn Energy or other unsuitable investments at the recommendation of Elsoffer may be able to recover some or all of their losses. If you suffered financial losses while working with Elsoffer, Meyer Wilson would like to hear from you. Contact our investment fraud attorneys today for a free consultation.