Marlin Keith Andrews v. William S. Humber and Stifel, Nicolaus & Co., Inc., FINRA Case #22-01176

The claimant asserted causes of action including failure to supervise, breach of fiduciary duty, respondeat superior, unsuitability, breach of contract, and violations of the Alabama Securities Act related to the purchase and alleged misrepresentation of municipal bonds in the claimant’s account. Based on testimony from both parties, the FINRA Panel found that Humber did nothing wrong, and that unforeseen events in the market caused the claimant’s investment to lose principal. In addition, the Panel granted both of the respondents’ motions for sanctions against the claimant and Humber’s request for expungement.