Defendant Name: Stifel, Nicolaus & Company, Inc.

Defendant Type: Subsidiary of Public Company

Document Reference: 34-102860_3-22168

Document Details

Legal Case Name In the Matter of Stifel, Nicolaus & Company, Inc.
Document Name Order Denying Motions to Modify or Amend and Stay Settled Orders
Document Date 14-Apr-2025
Document Format Administrative Proceeding
File Number 3-22168
Allegation Type Broker Dealer
Document Summary The Commission stated that 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."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Compliance Related Independent Consultant
Other Compliance Related Undertaking
The Commission ordered that: "Respondents’ motions are denied."

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”)."
2024-144_3-22168 24-Sep-2024 Press Release--Administrative Proceeding
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."