Stifel fined $750,000 for failure to follow reserve requirements
Ron Kruszewski
The broker-dealer didn't account for reserves needed to cover loans secured with customer assets.
Stifel, Nicolaus & Co. Inc., a St. Louis-based broker-dealer, has been fined $750,000 by Finra for not properly accounting for customer assets in a reserve fund as well as assets held in a proprietary trading account.
Stifel, which has approximately 4,400 registered representatives, used customer as
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