Michelle Stebbins Allegedly Made Supervisory Failures
Michelle Stebbins (CRD# 4156378), a broker registered with Stifel Nicolaus & Company, failed to uphold her supervisory responsibilities, according to investor disputes. MDF Law is investigating the Southfield, Michigan financial professional for similar conduct. If you are a current or former client with concerns about your investments, call our law firm for a free, confidential consultation.
Continue reading this post to learn more about Ms. Stebbins’ professional history. The information below is based on an October 1, 2024 review of her BrokerCheck profile, a Financial Industry Regulatory Authority resource.
Pending Disputes Seek 7-Figure Damages
Four parties of investors lodged disputes involving Ms. Stebbins between March and June 2024. All four claims allege supervisory failures relating to stock investments. The disputes, which are still pending, seek more than $1.7 million in cumulative damages.
Understanding FINRA Rule 3110
Under FINRA Rule 3110, broker-dealer firms must carefully supervise the actions of their registered representatives. In general, the rule requires firms to create and maintain a supervisory system designed to oversee its associated’ persons activities. More specifically, the rule requires that these systems be “reasonably designed to achieve compliance with the applicable securities laws and regulations and FINRA rules.”
As the rule outlines, a member firm’s written supervisory procedures (WSPs) must identify specific individuals with certain supervisory duties. These duties may include routine reviews of the firm’s securities business, external and internal communications, and customer allegations of broker misconduct. Supervisory personnel must also identify and act on red flags of possible rule violations by firm representatives. Firms and supervisors who fail to achieve compliance with Rule 3110 may be found to have engaged in supervisory failures.
FINRA: Michelle Stebbins Based in Southfield, Michigan
Michelle Stebbins launched her career as a broker in 2000. That year, she registered with the Flint, Michigan branch office of UBS Financial Services. She left UBS in 2007 for Merrill Lynch’s branch office in Grand Blanc, Michigan, where she remained until registering with UBS Financial Services in 2008. She left UBS ten years later for Stifel Nicolaus’ branch office in Southfield, Michigan, where she remains today. With 24 years of experience as a broker, she has completed eight industry exams, including the Series 3, the Series 31, and the Series 10.
Contact a Broker Fraud Attorney Today
Investors who suffered losses on investments recommended by Michelle Stebbins may be able to pursue damages through the FINRA arbitration process. Call MDF Law to discuss your case today, especially if any of the following circumstances apply:
- Your broker recommended products outside your risk tolerance;
- Your accounts lost more money than you could afford;
- Your did not explain (or fully explain) the risks of certain investments;
- Your broker did not disclose that you could lose your entire principal on an investment.
The investor attorneys at MDF Law have recovered tens of millions in investment losses for their clients. Call 800-767-8040 today for a free consultation.