Regulatory Alerts2025-08-07
Administrative Consent Order Regarding Stifel, Nicolaus & Company, Inc.
The Pennsylvania Department of Banking and Securities issued an Administrative Consent Order against Stifel, Nicolaus & Company, Inc. for charging unreasonable commissions on low principal equity transactions and failing to reasonably supervise its agents. Stifel agreed to pay $20,000 in administrative fines and provide at least $54,940.13 in restitution to affected Pennsylvania customers for commissions exceeding 5% of the trade amount. The firm was censured and ordered to permanently cease and desist from the violating conduct while waiving its right to contest the findings of fact and law.
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