Defendant Name:
Stifel, Nicolaus & Company, Inc.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Stifel Financial Corp.
SIC Code:
6211
CUSIP:
86063010
Initial Case Details
Legal Case Name
In the Matter of Stifel, Nicolaus & Company, Inc.
First Document Date
24-Sep-2024
Initial Filing Format
Administrative Action
File Number
3-22168
Allegation Type
Broker Dealer
Violations Alleged
•
Failure to supervise under Section 203(e)(6) Advisers Act
Resolutions
First Resolution Date
24-Sep-2024
Headline Total Penalty and Disgorgement
See Related Documents
Related Documents:
34-101144
24-Sep-2024
Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Sections 15(b) and 21C of the Securities Exchange Act of 1934 and Sections 203(e) and 203(k) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On September 24, 2024, the SEC instituted settled administrative and cease-and-desist proceedings against Stifel, Nicolaus & Company, Inc., stating: "These proceedings arise out of the widespread and longstanding failure of Stifel’s personnel, including at senior levels, to adhere to certain of these essential requirements and Stifel’s own policies and procedures. Using their personal devices, these personnel communicated both internally and externally by text messages and/or other unapproved written communications platforms, such as WhatsApp (“off-channel communications”)."
Eleven Firms to Pay More Than $88 Million Combined to Settle SEC's Charges for Widespread Recordkeeping Failures
On September 24, 2024, the SEC "announced charges against 12 firms, comprising broker-dealers, investment advisers, and one dually-registered broker-dealer and investment adviser, for widespread and longstanding failures by the firms and their personnel to maintain and preserve electronic communications in violation of recordkeeping provisions of the federal securities laws."
34-102860_3-22168
14-Apr-2025
Commission Order and Opinion
Order Denying Motions to Modify or Amend and Stay Settled Orders
The Commission says Respondents "signed offers of settlement, in which Respondents admitted to certain violations related to their employees' communications on personal devices." "Respondents now seek to (1) modify their Settled Orders . . . and (2) stay the effectiveness of their undertakings" in order to "'equalize' certain undertakings . . . with those contained in more recent Commission settlements." However, the Commission "den[ied] Respondents' motions."
