SEC Blasts Ex-Director's Report Ahead Of $200M CDO Trial

Law360, New York (August 2, 2016, 10:28 PM EDT) -- The U.S. Securities and Exchange Commission on Monday urged a Wisconsin federal court to limit the testimony of the agency’s former director of trading and markets in an upcoming trial over a Stifel Financial Corp. unit's sale of $200 million in collateralized debt obligations to five school districts.

The SEC asked U.S. District Judge Charles N. Clevert Jr. to limit the testimony of Erik Sirri, a former head of the SEC's division of trading and markets as well as its previous chief economist, who filed a January report suggesting that Stifel Financial subsidiary Stifel Nicolaus & Co. Inc. reasonably believed the complex...

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