Rob Cohen: Stifel Advisor Receives Mutual Fund Complaint

Melville, New York financial advisor Robert Cohen (CRD# 1162192) has received multiple investor complaints alleging that his conduct resulted in losses. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Stifel Nicolaus & Company, having previously been registered with UBS Financial Services.

Mr. Cohen’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in May 2024, alleges that as a representative of Stifel Nicolaus & Company, he committed fraud, breached contract, violated federal securities law, acted negligently, breached contract, and recommended an unsuitable mutual fund investment. The pending complaint alleges unspecified damages.

In a statement included with the pending complaint’s disclosure, Mr. Cohen defended himself against the allegations. “I categorically deny all allegations of impropriety with respect to the handling of the client’s account(s),” he wrote.

An earlier investor complaint, filed in 2010, alleged that as a representative of Morgan Stanley, he mis-managed the customers’ accounts and misrepresented their investments. In 2012 the complaint reached a settlement of $4,000.

A third investor complaint, filed in 2008, alleged that as a Morgan Stanley & Company representative, he made misrepresentations regarding account access fees. In 2009 the complaint reached a settlement of $10,695.24.

A fourth investor complaint, filed in 2008, alleged that he representation an auction rate securities investment as liquid. The complaint reached a settlement in which the Morgan Stanley repurchased the securities at full par value, or $425,000.

A sixth disclosure on Mr. Cohen’s BrokerCheck report concerns his termination from UBS Financial Services. Filed in 2018, it states that the firm fired him after an investigation determined that he “violated a FINRA rule and the Firm’s policies and procedures by providing monetary benefits to a Firm employee without the Firm’s knowledge or approval,” that he  “provided inaccurate and inconsistent statements during the investigation,” and that he “provided numerous inaccurate affirmations” on firm compliance documents.

According to the Financial Industry Regulatory Authority, Robert Cohen holds 40 years of securities industry experience. Based in Melville, New York, he has been registered as a broker and an investment advisor with Stifel Nicolaus & Company since 2018. His past registrations include UBS Financial Services, Morgan Stanley, and Butcher & Singer. He holds 29 state licenses. (Information current as of June 22, 2024.)

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