Broker Investigation: Mitchell Toby Yanow

Mitchell Toby Yanow (CRD#: 2148171) served as a broker for Stifel Nicolaus & Company (CRD#: 793) from April 2015 to May of 2018. During this time, Mr. Yanow was based at a branch office in Boca Raton, Florida.

In May, Mr. Yanow was terminated from his position at the company after allegations that he made unauthorized transactions from a customer’s brokerage account.

Following the discharge, the Financial Industry Regulatory Authority (FINRA) launched its own investigation into the alleged misconduct. In July of 2018, Mitchell Yanow was barred from the securities industry. Without admitting to any type of misconduct, Mr. Yanow accepted FINRA’s conclusions and consented to the sanctions.

Elder Financial Abuse: Ex-Stifel Nicolaus & Company Broker Mitchell Toby Yanow

FINRA determined that Mr. Yanow improperly converted funds from an elderly investor in or around July of 2017. At that time, an investor gave Mitchell Yanow access to blank checks that could be drawn against a Stifel Nicolaus & Company brokerage account. The purpose of this was to ensure that Mr. Yanow could pay the investor’s caregiver-related bills in the event that the elderly investor became unable to do so.

Investigators believe that Mr. Yanow seriously abused his access to these blank checks. According to FINRA, Mitchell Yanow converted more than $205,000 from the customer’s brokerage account to pay for his own personal expenses. The investor’s money was spent on everything from HOA fees to a classic car. This was done without the investor’s knowledge or consent, making it a clear example of elder financial fraud.

The agency contends that Mr. Yanow violated FINRA Rule 2150, which prohibits the improper use of customers’ securities or funds, and that he violated FINRA Rule 2010, which compels all registered representatives and associated persons to act with high standards of commercial honor. Mitchell Yanow has now been expelled from the securities industry.

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