December 07, 2016

Stifel, Nicolaus & Co., Inc., David W. Noack

Offering Fraud

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).

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