One week after the Securities and Exchange Commission filed a complaint alleging that former Stifel Nicolaus representative Steven Dale Rodemer misappropriated hundreds of thousands of dollars from his elderly, widowed advisory client, the SEC announced it obtained a final judgment against Rodemer enjoining him from violating antifraud laws and ordering payment of a civil penalty in the amount of $385,536.
The SEC charged Rodemer with misappropriation, deceptive conduct and attempting to conceal his misappropriation, breach of fiduciary duty by engaging in fraudulent conduct, and fraud by an investment adviser.
According to the SEC's complaint, Colorado Springs resident Steven Rodemer (CRD #830561) while associated with Stifel, Nicolaus & Company of Pueblo, Colorado, served as investment adviser to his elderly client, handling all of his client's finances, such as investment strategy and execution.
FINRA previously barred Rodemer in March 2020 for refusing to provide testimony after Stifel Nicolaus terminated him in January 2020 for taking money from a client account for personal use without authorization.
The findings state that Rodemer's client did not get account statements sent to her nor did she have online access to her accounts; instead, the statements were sent only to Rodemer's home address, meaning that Rodemer's client relied on him for information regarding balances and transactions in her accounts.
The complaint notes that after Rodemer's customer granted him power of attorney, he allegedly misappropriated $451,889 of his client's funds, using the proceeds for personal expenses, including construction and maintenance costs for Rodemer's Breckenridge, CO vacation home, insurance payments, funding Rodemer's wife's brokerage account, and other miscellaneous uses.
SEC's investigation uncovered that Rodemer met with his elderly widow customer and had her sign a statement in an attempt to absolve him of the consequences of his wrongdoing, including misappropriation of funds.
In February 2020, Rodemer's alleged victim passed away, having resided in an assisted living center in Centennial, Colorado.If you or a loved one invested with ex-Stifel Nicolaus broker Steven Dale Rodemer or with any financial adviser or representative who abused their power of attorney to misappropriate and convert funds for personal use or conceal other misconduct that has proven harmful to your investments or interests, please call an experienced FINRA arbitration attorney at The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.