December 07, 2016
Stifel, Nicolaus & Co., Inc., David W. Noack
SANCTION AMOUNT: $25,040,000
Defendants: Stifel, Nicolaus & Co., Inc.
David W. Noack
Defendants developed a proprietary program which they misrepresented in order to sell $200 million worth of synthetic collateralized debt obligations (CDOs) to five Wisconsin school districts, which were unsuitable investments for these investors and resulted in a complete loss (though not until after defendants collected significant fees).
- Key Docs
- Official SEC press release