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Jeffrey Rahm, Minneapolis Broker, Terminated from Stifel, Nicolaus & Company in the Wake of “Selling Away” Allegations

Jeffrey Rahm (CRD#: 1520986), a Minneapolis-based broker, was recently terminated from his role as a broker with Stifel, Nicolaus & Company, Incorporated, according to his BrokerCheck record accessed on February 21, 2020. He was discharged from the firm following allegations that he engaged in an undisclosed outside business activity. He is currently a registered representative with Northland Securities, Inc. (CRD#: 40258) in Minneapolis, Minnesota.

Jeffrey Rahm’s recent termination is not the only disclosure on his BrokerCheck record. On November 6, 2008, he became involved in a customer dispute in which a client alleged that Jeffrey Rahm failed to follow his instructions to invest in bonds. The client claims that, as a result, he incurred losses. The client originally sought $350,000 in damages; the matter was settled for $135,000.

On June 3, 2003, a client filed a customer complaint against Jeffrey Rahm, alleging that he engaged in unauthorized trading. The client initially sought $100,000 in damages, but the matter was settled for $187,792. Unauthorized trading, or unauthorized transactions, occurs when a broker trades within a non-discretionary account without letting their client know. Did your broker speak to you before every trade they made in your portfolio? Did you recognize each trade listed on the monthly or quarterly statements your brokerage firm submitted to you? If not, your broker may have exercised discretion without the proper approval, which is a violation of FINRA Rule 2010.

Jeffrey Rahm is licensed to sell securities in California, Illinois, Iowa, Kansas, Michigan, Minnesota, Nebraska, North Dakota, South Dakota, and Wisconsin. He has passed the Series 65 – Uniform Investment Adviser Law Examination, Series 63 – Uniform Securities Agent State Law Examination, the SIE – Securities Industry Essentials Examination, and the Series 7 – General Securities Representative Examination.

Over his 33 years in the securities industry, Jeffrey Rahm has worked for four broker-dealers. In addition to his current role with Northland Securities, Inc. (CRD#: 40258), he has also worked for:

  • Stifel, Nicolaus & Company, Incorporated (CRD#: 793)
  • Miller Johnson Steichen Kinnard, Inc. (CRD#: 694)
  • Miller, Johnson & Keuhn, Incorporated (CRD#: 8678)

If Jeffrey Rahm was your broker and you have questions about your investments, don’t hesitate to contact the securities attorneys of Fitapelli Kurta to learn about your options for recovery. Call (877) 238-4175 or email info@fkesq.com for your free case consultation.

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