| Read Time: 3 minutes |

DID COLEMAN JOSEPH DEVLIN CAUSE YOU INVESTMENT LOSSES?

Coleman Joseph Devlin formerly with IFS Securities and Stifel, Nicolaus & Co., Inc. Has 18 Customer Complaints for Alleged Broker Misconduct

Who is Coleman J. Devlin formerly with IFS Securities?

Coleman Devlin (CRD #2317635) who was formerly registered with IFS Securities and located in Atlanta, Georgia is a subject of one of our many securities industry sales practice abuse investigations.  

Prior to IFS Securities, Coleman Devlin was associated with Stifel, Nicolaus & Company, Incorporated, and 5 other investment advisory and brokerage firms with a history of customer complaints and securities industry regulatory problems.

Coleman Devlin has had his share of regulatory problems with 2 suspensions by FINRA in 2003 and then again in 2017 for allegedly violating FINRA f/k/a NASD Conduct Rules.  

Recently, he consented to a 30-day suspension and $5,000 fine for allegedly exercising discretion, and customer’s accounts without obtaining prior written authorization from the customers and without acceptance of the accounts as discretionary by his former employer, Stifel, Nicolaus & Company, Incorporated. 

Years before, he had been suspended and fined $10,000 for recommending unsuitable and uncovered options trading to a customer and also exercising discretion in other clients’ accounts without prior written authority or acceptance of the account as discretionary by his employer.  It’s incredible that FINRA has allowed Coleman Devlin to continue to work in this industry.

Stifel, Nicolaus & Co., Inc. Broker Misconduct

In his career, Coleman Devlin has been the subject of 18 customer complaints that we know about, one of those complaints was filed in the last year to recover investment losses. Thirteen of those complaints occurred in connection with his employment at Stifel, Nicolaus & Company, Incorporated.

Fourteen of Coleman Devlin’s 18 customer complaints were settled in favor of investors. There are currently 2 pending customer complaints filed against Coleman Devlin’s former employer Stifel, Nicolaus & Company, Incorporated for investment losses caused by his alleged misconduct.

Allegations Against Coleman Devlin

A sample of the allegations made in the FINRA reported arbitration claim settlements and pending complaints for investment losses are as follows:

  • The claimant alleged that Coleman Devlin executed unauthorized transactions, recommended an unsuitable investment strategy, and made misstatements and omissions.
  • The claimant alleged fraud, breach of contract, breach of fiduciary duty, and violation of the Maryland Securities Act.
  • Claimants alleged that Coleman Devlin over-concentrated their accounts in a narrow segment of the market.
  • Multiple clients alleged that Coleman Devlin made unsuitable and unauthorized transactions in their accounts. 
  • Claimants alleged that Coleman Devlin over-concentrated their accounts in aggressive and speculative securities without their authorization.
  • Multiple clients alleged that the transactions in their accounts were not authorized and not appropriate for their investment objectives or risk levels.  
  • The client alleged that the financial advisor made unsuitable recommendations of high-risk and volatile stocks.
  • The client alleged unauthorized trading and churning of his account.
  • Customers alleged that Coleman Devlin made unauthorized trades and inappropriate investments resulting in excessive and unnecessary commissions in their accounts.
  • Claimants alleged breach of contract, selling away, professional negligence, breach of fiduciary duty, violation of the Maryland Securities Act and for over $11.5 million in damages in a case that still pent

Coleman Devlin Red Flags & Your Rights as An Investor

Of course, Coleman Devlin did not admit to any of the allegations. But regardless of whether an arbitration award was entered, a settlement occurred, or the customer complaint is still pending, the allegations made by customers are red flags that should put all current and former customers of Coleman Devlin at IFS Securities and Stifel, Nicolaus & Company, Incorporated on alert to review carefully the activity and performance of their accounts and question whether Coleman Devlin has engaged in any stockbroker misconduct that may have caused them investment losses.

A large number of customer complaints at Stifel, Nicolaus & Company, Incorporated also raises questions about its supervisory practices. If these red flags raise questions, call us and we will inform you of your rights as an investor.

File A Claim to Recover Your Investment Losses at IFS Securities And Stifel, Nicolaus & Co., Inc. 

If you have questions about IFS Securities, Stifel, Nicolaus & Company, Incorporated and/or Coleman Devlin and the management or performance of your accounts, please contact Attorney Pearce for a free initial consultation via email or Toll Free at 1-800-732-2889.

Author Photo

Robert Wayne Pearce

Robert Wayne Pearce has been a trial attorney for more than 40 years and is the founding partner of The Law Offices of Robert Wayne Pearce. You can learn more about Robert and his accomplishments by clicking here.

Rate this Post

1 Star2 Stars3 Stars4 Stars5 Stars
Loading...