Stifel Nicolaus & Co. has now incurred more than $176 million in damages, settlements, and legal fees tied to former broker Chuck Roberts, who was barred from the securities industry in the summer of 2025. Roberts, who joined Stifel in 2016, has been accused of steering clients into unsuitable structured note strategies that caused significant investor losses. The scale of litigation against Stifel continues to grow, raising serious questions about the firm’s oversight and leaving investors wondering what legal options are available for recovery.
If you have experienced losses tied to Roberts’ recommendations or Stifel’s supervision failures, don’t hesitate to reach out to  Meyer Wilson Werning  today. Our attorneys are experienced in  broker  and  brokerage firm  misconduct cases and will help to guide you through the process with a free consultation to determine whether your losses are the result of actionable misconduct.

How Chuck Roberts’ Strategies Harmed Investors
 Chuck Roberts  (CRD#:  2064602 ) built much of his business around  structured notes , complex financial products whose performance is tied to the returns of underlying assets like individual stocks or major indices such as the S&P 500. While sometimes marketed as innovative ways to diversify, structured notes are often risky, illiquid, and difficult for retail investors to fully understand.
Investor Complaints and Settlements
Roberts has been the subject of a wave of investor complaints that allege:
- Breach of fiduciary duty – failing to act in the best interests of his clients.
- Negligence – recommending products unsuitable for client goals and risk tolerance.
- Misrepresentation – inaccurately describing structured notes or downplaying their risks.
 Stifel  (CRD#:  793 ) has already agreed to significant payouts in these cases. In August 2025, the firm reached a $10.25 million settlement involving Roberts’ clients. The claimants had originally sought $5 million in damages, but the settlement was more than double that figure, reflecting the severity of investor losses.
The Landmark FINRA Arbitration Award
Perhaps the most striking outcome so far was the $132.5 million arbitration award issued in March 2025 against Stifel and Roberts. The case, brought by investor David Jannetti and family, alleged losses of at least $5 million tied to structured note investments. A FINRA arbitration panel ordered:
- $26.5 million in compensatory damages.
- $79.5 million in punitive damages.
- $26.5 million in attorney’s fees and costs.
Punitive damages are rare in FINRA arbitration, underscoring how egregious the panel viewed Roberts’ conduct. Although Stifel has filed a motion in federal court to vacate the award, the case highlights how arbitration can yield significant results for investors.
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Stifel Nicolaus’ Ongoing Exposure
With Roberts barred from the industry after refusing to cooperate with FINRA investigators, the focus has shifted squarely to Stifel’s accountability. According to Roberts’ BrokerCheck profile, there are at least 20 additional investor claims still pending related to his conduct. This means Stifel’s financial exposure could climb well beyond the $176 million already tied to the case.
For investors, this underscores two key points: that the litigation is far from over, and that firms can be held responsible for failing to supervise brokers who engage in unsuitable or misleading practices.
The Legal Options for Affected Investors
Investors harmed by Roberts’ recommendations or Stifel’s lack of supervision have several potential legal claims. These actions can be pursued through arbitration, which is typically the required forum for disputes with brokerage firms.
Possible Investor Claims
- Negligence – when an advisor fails to exercise reasonable care in managing client portfolios.
- Breach of fiduciary duty – when an advisor prioritizes their own financial interest over that of their clients.
- Fraud or misrepresentation – when risks are concealed or products are inaccurately described.
- Consumer protection violations – when sales practices are deceptive or unfair.
The Arbitration Process
For investors considering legal action, Â arbitration typically involves :
- Filing a claim that outlines the misconduct and documents investment losses.
- Presenting evidence of unsuitable recommendations, including account records and communications with the advisor.
- Receiving a binding decision from a panel of arbitrators.
While arbitration is less formal than court proceedings, it can result in significant awards, as demonstrated by the $132.5 million case against Stifel.
To learn more about the arbitration process, watch our video below:

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How Meyer Wilson Werning Helps Stifel Investors
The legal battles involving Chuck Roberts and Stifel Nicolaus highlight the importance of investor protection and firm accountability. At  Meyer Wilson Werning , we represent investors—not brokerage firms—in claims involving unsuitable investments, breach of fiduciary duty, and failure to supervise. If you lost money in structured notes or other investments tied to Roberts, we can help you evaluate your options and pursue recovery through arbitration or other legal action.  Contact us today  for a free consultation.
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Frequently Asked Questions

Why is Stifel Nicolaus facing over $176 million in damages and settlements tied to Chuck Roberts?
Stifel has faced massive payouts because of unsuitable structured note recommendations tied to former broker Chuck Roberts. These cases include both large arbitration awards and private settlements with investors.
What kinds of investments did Chuck Roberts recommend that caused investor losses?
Roberts pushed clients into structured notes—complex, risky, and illiquid products often misrepresented as safe diversification tools. Many investors were left with significant losses they did not fully understand at the time of purchase.
What was significant about the $132.5 million FINRA arbitration award in March 2025?
The panel ordered compensatory, punitive damages, and attorney’s fees—an unusually large award for FINRA arbitration. The inclusion of $79.5 million in punitive damages shows how egregiously the panel viewed Roberts’ conduct.
How many investor claims are still pending against Stifel related to Roberts?
At least 20 additional claims remain active, according to Roberts’ BrokerCheck profile. This means Stifel’s liability could continue to grow well beyond the $176 million already tied to these cases.
What legal options do investors have if they suffered losses from Roberts’ recommendations?
Investors may pursue arbitration claims for negligence, breach of fiduciary duty, fraud, or consumer protection violations. An experienced securities fraud attorney can help gather evidence and present a case for recovery.
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