State of Mass. Fines Stifel Nicolaus & Co $300K

Stifel Nicolaus & Co to pay $300,000  for  Alleged Scheme According to reports, Massachusetts’ regulators led by Secretarty of State William Galvin, has gone after the broker-dealer Stifel, Nicolaus & Co.  and an investment advisor with whom the firm had a deal to handle all his clients’ trading. Francis Weller Jr. of Orleans, Mass., and his firm, Weller Asset Management, allegedly had an arrangement with Stifel, Nicolaus & Co. and one of its representatives, according to a complaint filed by the office of Massachusetts and Galvin. Weller allegedly required all of his advisory clients to open trading accounts with Stifel, and the firm’s local representative received full-service commissions for his stock recommendations. Clients were also assessed management fees by Weller, according to the complaint. Weller’s clients purportedly had to have their trading accounts with Stifel while Weller was able to…

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