Defendant Name:
Stifel, Nicolaus & Company, Inc.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Stifel Financial Corp.
SIC Code:
6211
CUSIP:
86063010
Document Reference:
IA-5189
Document Details
Legal Case Name
In the Matter of Stifel, Nicolaus & Company, Incorporated
Document Name
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to 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
Document Date
11-Mar-2019
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
On March 11, 2019, the SEC issued an order against Stifel, Nicolaus & Company, Incorporated, stating: "These proceedings arise out of breaches of fiduciary duty and inadequate disclosures by registered investment adviser Stifel, Nicolaus & Company, Incorporated in connection with its mutual fund share class selection practices and the fees it and its associated persons received pursuant to Rule 12b-1 under the Investment Company Act of 1940 ("12b-1 fees")."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Other Compliance Related Undertaking
The Commission ordered that: "Respondent shall deposit the full amount of the disgorgement and prejudgment interest (the “Distribution Fund”) into an escrow account [...] Respondent shall be responsible for administering the Distribution Fund". Other Specified Undertakings
Self Reporting to SEC
Monetary Penalties:
Disgorgement
Individual:
$5,297,608.61
Shared:
Pre-Judgment Interest
Individual:
$739,567.37
Shared:
Total Penalty
Individual:
$6,037,175.98
Shared:
