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Stifel Nicolaus Censured

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Stifel Nicholas was censured and fined $55,000 for failing to execute orders fully and promptly, using reasonable diligence to learn the best market prices. The Stifel supervisory system did not provide reasonable supervision and lacked compliance with regulations and rules. The stockbroker went on to harm customers, with an investment club and cashier’s checks that were not appropriate. (December, 2014 2012034139201)

Stifel Nicholas was censured and fined $60,000 for sales of junk bonds issued by Puerto Rico. Stifel also permitted sales to customers in smaller amounts than the bonds required as a minimum. These minium denominations are intended to prevent sales to customers for whom the bonds may not be suitable. (November, 2014 3-16237)

Stifel Nicholas was fined $32,500 by regulators for participating in short sales orders without the required borrowing or agreement to borrow the shorted security. Stifel’s written supervisory procedures failed to provide the minimum requires for order handling and compliance with all regulations and rules. (October 2014 2012031657601)

Florida E. Kenneth Furst of Stifel, Nicolaus & Company was engaged in investment advisory business without being lawfully registered. Stifel, Nicolaus was fined $18,000 because of the lack of registration and supervision. (July, 2015 54203-SR). Stifel Nicholas was fined $15,000 for the Florida failure to register of Ronda Simon Morganstein. (December 2013 0286-SR-11/13).

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