N. David Hoover (CRD #1722534) Has Customer Dispute, Criminal, and Employment Separation Disclosures on FINRA BrokerCheck

N. David Hoover (CRD #1722534) is a broker currently registered with Stifel, Nicolaus & Company, Incorporated. We reviewed his BrokerCheck report on May 25, 2026. It reflects three customer disputes, one criminal disclosure, and one employment separation disclosure. If you invested with N. David Hoover and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Investor Disputes / Customer Complaints

David Hoover’s FINRA BrokerCheck Report reflects three customer dispute disclosures. Two summaries are below. One additional customer dispute disclosure remains listed in this category.

On April 15, 2026, a customer alleged David Hoover did not conduct due diligence on a life insurance policy. The customer said the advice was unsuitable. The customer sought $976,763 in damages. David Hoover’s FINRA BrokerCheck Report lists the product as insurance. The matter remains pending.

On July 30, 2009, a customer alleged breach of fiduciary duty, professional negligence, misrepresentation, and omission of material fact. The claim related to securities transactions between January 2007 and April 2009. The customer sought $2,000,000 in damages. David Hoover’s FINRA BrokerCheck Report says the matter settled for $195,000. Hoover’s statement denied wrongdoing and said the customer directed certain portfolio decisions.

Criminal Charges

David Hoover’s FINRA BrokerCheck Report reflects one criminal disclosure. A summary of the disclosure is below:

On February 20, 1987, David Hoover was charged with defrauding an innkeeper. The disclosure states the amount involved was less than $30. David Hoover’s FINRA BrokerCheck Report lists the charge as a misdemeanor. The matter was dismissed by a judge of the Superior Court on November 5, 2002. Hoover’s statement says the matter involved a restaurant bill that a group failed to pay in full.

Employment Separation

David Hoover’s FINRA BrokerCheck Report reflects one employment separation disclosure. A summary of the disclosure is below:

On July 20, 1990, Merrill Lynch discharged David Hoover. The disclosure states the issue involved an account form signed to meet a deadline. It says the form saved a customer $20 in annual fees. David Hoover’s FINRA BrokerCheck Report says no money or trading was involved. Hoover’s statement says the forms were later returned by the clients.

Rule Summary #1: FINRA Rule 2111 (Suitability)

FINRA Rule 2111 requires a reasonable basis for a recommendation. A broker must consider the customer’s investment profile. That can include risk tolerance, goals, and liquidity needs.

Rule Summary #2: FINRA Rule 2010 (Standards of Commercial Honor)

FINRA Rule 2010 requires high standards of commercial honor. It also requires just and equitable principles of trade. Customer disputes may raise questions about whether conduct met that standard.

Why This Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation. It strengthens the standard of conduct that broker-dealers owe to retail investors. It applies when they recommend securities transactions or investment strategies. The U.S. Securities and Exchange Commission adopted Reg BI. It became effective on June 30, 2020. Reg BI aims to protect investors while preserving access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in a retail customer’s best interest at the time of a recommendation. They must not place their own financial or other interests ahead of the customer’s. This standard is higher than the older “suitability” rule. Suitability meant a recommendation only had to be appropriate. It did not have to be the best option or free of conflicts.

Reg BI has four key obligations:

Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and the recommendation. This includes fees, the scope of services, and conflicts of interest.

Care Obligation – Broker-dealers must use reasonable diligence, care, and skill. They must consider costs, risks, and alternatives when making a recommendation.

Conflict of Interest Obligation – Firms must identify conflicts of interest. They must disclose them and mitigate or eliminate them. This includes conflicts that create incentives to favor one product over another.

Compliance Obligation – Firms must maintain policies and procedures. Those policies should be designed to ensure compliance with Reg BI as a whole.

Reg BI applies to each recommendation. It is not a continuous duty like the fiduciary standard for registered investment advisers. Even so, it narrows the gap. It puts more focus on costs, conflicts, and investor-focused decision-making.

Overall, Regulation Best Interest promotes transparency. It also aims to improve the quality of investment recommendations. It is designed to reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background Information (from BrokerCheck)

Based on his FINRA BrokerCheck report, David Hoover:

Is currently registered with Stifel, Nicolaus & Company, Incorporated.

Has passed the Securities Industry Essentials (SIE) exam. David Hoover has passed Series 7. He has also passed Series 65 and Series 63.

Was previously registered with Sterne, Agee & Leach, Inc. He was also registered with Sterne Agee Asset Management, Inc. and Nollenberger Capital Partners, Inc.

Kurta Law Can Help

If you have worked with David Hoover and have concerns about his activity, Kurta Law may be able to help. The firm can evaluate your legal options. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful resources: Securities Attorney | Investment Fraud

For nearly 20 years, Kurta Law has advocated for investors. The firm helps hold financial professionals accountable. Our firm represents clients nationwide in securities arbitration and related disputes. If you believe a broker mishandled your account, an attorney can review the facts. That review can help explain possible next steps.