Former Stifel, Nicolaus & Company investment broker Mitchell Yanow was recently barred after he consented to the Financial Industry Regulatory Authority’s (FINRA’s) findings that he unlawfully converted over $200,000 in customer funds.
Mitchell Yanow worked for Stifel, Nicolaus & Company in Boca Raton, Florida from 2015 to 2018. Prior to that, he worked as a securities representative with Oppenheimer. He was discharged from Stifel, Nicolaus & Company in May 2018 over the allegations of stealing from customers.
According to information reported by FINRA, the elderly customer provided blank checks to Mitchell Yanow so that he could pay for the services provided by the customer’s caregivers. Instead, the former broker wrote approximately 33 checks without the customer’s knowledge or consent to pay for his own personal expenses including homeowners’ association fees, summer camp fees, and a 1976 Corvette.
As a result of his alleged misconduct, FINRA determined that Yanow violated his customer’s trust for his own gain. In doing so, he violated FINRA Rule 2150 and was permanently barred from working with FINRA member firms in the future.
Yanow’s BrockerCheck report also reveals one other customer dispute from 2015 in which he was accused of charging excessive commission and margin interest. That dispute was settled for $144,000.
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