Stifel Settles 2 More Chuck Roberts Cases. At least 16 More Are Pending. -- Barrons.com

By Kenneth Corbin

Stifel last month settled two more cases brought by clients of a former star broker in Florida whose failed structured-notes strategy has resulted in dozens of customer claims seeking damages. Stifel in July agreed to pay nearly $3.6 million to resolve the two cases, potentially bringing the firm's mounting bill for compensating clients of the broker, Chuck Roberts, to more than $200 million, with more than a dozen other cases still pending, according to the online database BrokerCheck.

Stifel declined to comment on the matter. Roberts' lawyer didn't immediately respond to a request for comment.

Roberts was a veteran broker based in Miami who catered to ultrawealthy clients. The structured-notes strategy included concentrated positions in volatile stocks and resulted in clients assuming excessive risk, the complaints have alleged.

Stifel challenged the largest award, a $132.5 million payout ordered by an arbitration panel convened by brokerage industry self-regulator Finra. A judge rejected Stifel's motion to vacate that award, and the brokerage firm reached a confidential settlement with the claimants in April. So it is unknown if Stifel paid the entirety of the initial award, but if it did, that combined with the other awards and settlements detailed in Roberts' online record add to more than $200 million.

Court documents in that case indicated that the structured-notes strategy initially was highly successful, netting clients impressive gains and hefty commissions and fees for Roberts and Stifel. A market downturn in late 2021 halted that momentum and led to substantial losses. Clients then alleged that Roberts had misled them about the risks associated with the strategy, while accusing Stifel of failing to issue warnings alerting them of potential risk and overconcentration.

Finra barred Roberts from the industry last summer after he refused to provide on-the-record testimony in an investigation. He isn't named as a respondent in any of the arbitration proceedings, which only target Stifel.

Last March, when the arbitration panel handed down the $132.5 million award, a lawyer for the claimants and many other former clients of Roberts told Barron's Advisor that he had one case a month lined up for the next two years. BrokerCheck lists 16 pending customer disputes involving Roberts.

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

August 11, 2026 14:22 ET (18:22 GMT)