Haselkorn & Thibaut, a national investment fraud law firm, has opened an investigation into Todd Arnoldussen, a Wisconsin-based financial advisor formerly registered with Stifel, Nicolaus & Company. The firm is actively reviewing potential claims on behalf of investors who may have been affected by his alleged misconduct. If you worked with Todd Arnoldussen and have concerns about your account, you may be entitled to recover losses through FINRA arbitration.
Contact Haselkorn & Thibaut today for a free consultation: 1-888-885-7162
Who Is Todd Arnoldussen?
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Todd Peter Arnoldussen (CRD No. 1929970) is a veteran financial advisor with approximately 36 years of experience in the securities industry. According to his FINRA BrokerCheck profile, Arnoldussen was registered with Stifel, Nicolaus & Company from 1999 through 2026. Prior to Stifel, he worked at Everen Securities, Inc. (a predecessor firm to Wells Fargo entities) and Blunt Ellis & Loewi Incorporated.
Throughout his career, Arnoldussen held Series 7, 63, and 65 licenses and was registered as both a broker and investment adviser. His long tenure in the industry made him a trusted name among clients in Wisconsin and beyond.
FINRA Regulatory Action: What Happened?
In February 2026, the Financial Industry Regulatory Authority (FINRA) published an Acceptance, Waiver and Consent (AWC) detailing serious findings against Todd Arnoldussen.
Key findings from FINRA’s investigation:
- 1,399 securities transactions were improperly marked as “unsolicited” when they were actually recommended to customers
- The misconduct occurred over a 20-month period between January 2022 and August 2023
- The investigation was initiated after FINRA received a customer tip
- Arnoldussen’s actions caused Stifel to maintain inaccurate books and records
FINRA Rule Violations
FINRA determined that Arnoldussen violated two important rules designed to protect investors:
| Rule Violated | Description |
|---|---|
| FINRA Rule 4511 | Requires broker-dealers to maintain accurate books and records |
| FINRA Rule 2010 | Requires associated persons to observe high standards of commercial honor and just and equitable principles of trade |
Sanctions Imposed on Todd Arnoldussen
Without admitting or denying FINRA’s findings, Arnoldussen agreed to the following sanctions:
- Two-month suspension from acting in any registered capacity (March 2, 2026 through May 1, 2026)
- $10,000 fine
This regulatory action now appears as a disclosure on his BrokerCheck record.
Why Mismarking Trades Matters to You as an Investor
The distinction between a “solicited” and “unsolicited” trade is not merely a paperwork issue. It has real consequences for investor protection.
When trades are properly marked as solicited (meaning recommended by the advisor), brokerage firms can:
- Monitor for excessive trading or churning
- Evaluate whether recommendations are suitable for each client
- Identify patterns of misconduct before they cause significant harm
- Fulfill their supervisory obligations under securities regulations
By marking nearly 1,400 recommended trades as unsolicited, these important safeguards were effectively bypassed. Investors may have been exposed to unsuitable recommendations or excessive trading without the oversight they deserved.
Complete Disclosure Summary for Todd Arnoldussen
| Disclosure Type | Details |
|---|---|
| Regulatory Actions | 1 disclosure – FINRA AWC (February 2026): Two-month suspension and $10,000 fine for mismarking 1,399 transactions |
| Customer Complaints | None reported |
| Arbitrations | None reported |
| Civil Litigation | None reported |
| Bankruptcy | None reported |
Red Flags Investors Should Consider
If you were a client of Todd Arnoldussen at Stifel during the relevant period (January 2022 through August 2023), you should review your account statements carefully. Consider these potential warning signs:
- Frequent trades you don’t recall authorizing or discussing
- Unexpected losses in your account
- Trades that seemed inconsistent with your investment goals or risk tolerance
- Account statements showing activity you weren’t aware of
Even if you trusted your advisor and believed the trades were appropriate at the time, the mismarking of transactions may have masked problems that a properly supervised account would have caught.
Can You Recover Investment Losses?
Yes, you may have options. Investors who suffered losses due to unauthorized trading, unsuitable recommendations, or supervision failures may be able to recover damages through FINRA arbitration.
Importantly, arbitration claims are typically brought against the brokerage firm—in this case, Stifel, Nicolaus & Company—not just the individual advisor. Brokerage firms have a duty to supervise their advisors and maintain accurate records. When they fail in these obligations, they can be held liable for investor losses.
About Haselkorn & Thibaut
Haselkorn & Thibaut (investmentfraudlawyers.com) is a nationally recognized securities fraud law firm with over 50 years of combined experience representing investors. The firm has achieved a 98% success rate and has recovered millions of dollars for clients harmed by broker misconduct.
Their experienced attorneys handle cases involving:
- Unauthorized trading
- Excessive trading (churning)
- Unsuitable investment recommendations
- Failure to supervise
- Misrepresentation and omissions
No recovery, no fee. You pay nothing unless Haselkorn & Thibaut recovers money for you.
Take Action Today
If you were a client of Todd Arnoldussen at Stifel, Nicolaus & Company in Wisconsin and have questions about your account or potential losses, now is the time to act. FINRA arbitration claims are generally subject to a six-year eligibility rule, and waiting too long could affect your ability to recover.
Contact Haselkorn & Thibaut for a free, confidential consultation:
📞 1-888-885-7162
Their team will review your situation, explain your options, and help you understand whether you may have a valid claim. There is no obligation, and the consultation is completely free.
Your investments matter. Your future matters. Don’t wait to find out if you’ve been affected.
