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Stifel Nicolaus fined $300,000

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Stifel Nicholas was fined $300,000 for its participation in dealing “penny stocks” and inadequate supervision. Stifel failed to have an adequate supervisory program to detect suspicious circumstances. Stifel executed at least 2.5 billion shares of low priced securities, generating at least $320 million in proceeds. The firm had a policy of terminating penny stocks that were deposited in an account and then quickly sold but its supervisory system was otherwise inadequate regarding these issues and penny stocks. (September 2014 200902080101).

Stifel Nicholas was fined $30,000 for selling bonds at a price that was not fair, taking into account all factors and relevant circumstances. The Stifel supervisory system did not provide for supervision reasonable designed to achieve compliance with all rules and regulations, giving customers the best price at which the firm also made a reasonable profit. (April 2014 2011026076201)


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