Erez Law is currently investigating former Gradient Advisors, LLC broker Nicholas Stovall (CRD# 5581487) is accused of promissory note losses.
He was registered with Gradient Securities, LLC in Arden Hills, Minnesota, from 2009 to 2023, when he was terminated regarding, “The representative was identified as a subject to a FINRA arbitration that alleges the solicitation of unregistered promissory notes. A preliminary investigation was conducted by the Firm regarding the allegations outlined in the FINRA arbitration. Shortly after the Firm initiated its investigation, the representative submitted his resignation. The Firm is proceeding with termination based on the representative’s failure to follow Firm policies related to the timely and accurate notification of outside sales activities prior to engagement. The representative also failed to provide timely notification to the Firm regarding a subpoena and investigation that was initiated by the State of Kansas Securities Commissioner. As of the filing of this termination, the arbitration case is still pending.” He was also terminated from Gradient Advisors, LLC regarding, “when he was terminated regarding, “Violation of the firm’s policies and procedures. The solicitation of unapproved products and failure to notify the firm of a regulatory inquiry in a timely manner.”
Nicholas Stovall Customer Complaints
He has been the subject of two customer complaints between 2018 and 2023, one of which was denied, according to his CRD report:
July 2023. “A FINRA Arbitration claim filed in June 2023. Advisor is not named in the arbitration but is the subject of the arbitration claim. DRP has been filed by the BD firm.” The customer is seeking $350,000 in damages, and the case is currently pending. The complaint was regarding promissory note losses, and it took place while he was registered with
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Gradient Advisors, LLC may be liable for investment or other losses suffered by Nicholas Stovall’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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