Tag: broker churning accounts

FINRA Arbitration Panel Awards Claimant $1.3 Million in Damages

A Financial Industry Regulatory Authority (FINRA) Arbitration Panel awarded $1.3 million in damages to a Mississippi investor who filed an arbitration action over the mishandling of her investments by Lanis Dale Noble (CRD No. 858005). Lanis Dale Noble is a former broker of Stifel Nicolaus & Co Inc. The Claimant is Noble’s former daughter-in-law.

The arbitration was commenced in August 2012, and Claimant made allegations against Noble for churning; breach of fiduciary duty; failure to supervise; fraudulent inducement and concealment; vicarious liability; negligence and other causes of action. The claim involved allegations surrounding the use of margin, and the purchases of variable annuities from SunLife and ManuLife and a Friedman Billings Ramsey real estate investment trust (REIT). (See FINRA Case No. 12-02897)

According to FINRA BrokerCheck Lanis Dale Noble has five disclosures on his FINRA report. One disclosure is a criminal case and the other four are customer disputes. Noble is not currently registered with any FINRA firm.

Lanis Dale Noble was an active broker for 27 years with the following member firm(s):

STIFEL, NICOLAUS & COMPANY, INC.
CRD # 793
RIDGELAND, MS
9/2000 – 11/2013

STERNE, AGEE & LEACH, INC.
CRD # 791
BIRMINGHAM, AL
9/1995 – 9/2000

UNION PLANTERS BROKERAGE SERVICES, INC.
CRD # 27348
2/1993 – 10/1995

PRUDENTIAL SECURITIES, INC.
CRD # 7471
NEW YORK, NY
9/1991 – 1/1993

DEAN WITTER REYNOLDS, INC.
CRD # 7556
PURCHASE, NY
8/1987 – 9/1991

PRUDENTIAL-BACHE SECURITIES, INC.
CRD # 7471
12/1985 – 9/1987

If you have suffered investment losses as a result of your broker’s or brokerage firm’s misconduct, contact the Hanley Law to discuss your legal options. The Hanley Law is dedicated to helping investors who have been victims of securities fraud. If you have lost money as a result of securities fraud, you may be entitled to recover your investment losses. Contact our office toll free at (239) 649-0050 for a free initial consultation.