Stifel, Exec To Pay $24.6M To Settle $200M SEC Suit
Law360, New York (December 7, 2016, 4:53 PM EST) -- A Wisconsin federal judge slapped broker-dealer Stifel Nicolaus & Co. and a former top company executive with penalties totaling $24.6 million when he entered final judgment Tuesday to resolve a U.S. Securities and Exchange Commission suit accusing them of selling $200 million worth of risky collateralized debt obligations to school districts in 2006.
Under the terms of the settlement, Stifel is liable for a civil penalty of $22 million and David Noack, its former senior vice president, is liable for a civil penalty of $100,000, U.S. District Judge Charles N. Clevert Jr. ordered. In addition, both are liable for disgorgement of...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!