{"id":578,"date":"2009-10-01T19:47:19","date_gmt":"2009-10-01T19:47:19","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2009\/10\/stifel_nicolaus_co_office_indi"},"modified":"2022-08-26T09:08:17","modified_gmt":"2022-08-26T14:08:17","slug":"stifel-nicolaus-co-office-indi","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/stifel-nicolaus-co-office-indi\/","title":{"rendered":"Indiana Accuses Stifel Nicolaus & Co. of Auction Rate Securities Fraud"},"content":{"rendered":"

The Indiana Secretary of State’s Office filed an administrative complaint today accusing Stifel Nicolaus & Co.’s local office of securities fraud<\/a>, failing to properly train members of its sales team, and failing to disclose risks associated with purchasing auction-rate securities. As a result, some 141 Hoosiers who had invested $54.0 million sustained losses when the ARS market fell apart last year and their securities were frozen.<\/p>\n

92 of the ARS investors who were affected were Jeffrey Cohen’s clients. Cohen is the local Stifel office’s managing director. His clients had invested $45 million.<\/p>\n

For violating the Indiana Securities Act, the broker-dealer could be ordered to pay a $10,000 fine\/violation, as well as restitution to the securities fraud <\/a>victims. Other states, including Colorado and Missouri, have made similar charges against Stifel Nicolaus.<\/p>\n

Colorado’s securities regulator also filed its auction-rate securities complaint<\/a> against Stifel Nicolaus today alleging that the broker-dealer failed to fully inform local investors about ARS risks. The securities fraud lawsuit<\/a> also accuses the broker-dealer of violating the Colorado Securities Act, misrepresenting ARS as short-term investments that were liquid, and providing clients with unsuitable recommendations.<\/p>\n

Missouri’s complaint, filed in March by Secretary of State Robin Carnahan, claims that over 1,200 investors suffered losses when ARS worth $180 million were frozen.<\/p>\n

Auction-Rate Securities<\/strong>
\nMany investors throughout the US were shocked to discover that the ARS they had purchased were not, as broker-dealers had told them, investments that were liquid like cash. Our stockbroker fraud law firm continues to work diligently with many ARS clients to recover their investments.<\/p>\n

Related Web Resources:<\/strong>
\nLocal Stifel office accused of securities fraud,<\/a> IBJ, October 1, 2009
\nColorado charges Stifel unit with ARS sales fraud<\/a>, Reuters, October 1, 2009
\n Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Indiana Secretary of State’s Office filed an administrative complaint today accusing Stifel Nicolaus & Co.’s local office of securities fraud, failing to properly train members of its sales team, and failing to disclose risks associated with purchasing auction-rate securities. As a result, some 141 Hoosiers who had invested $54.0 million sustained losses when the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3747],"tags":[],"class_list":["post-578","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-stifel-nicolaus-co-inc"],"yoast_head":"\nIndiana Accuses Stifel Nicolaus & Co. of Auction Rate Securities Fraud — Investor Lawyers Blog — October 1, 2009<\/title>\n<meta name=\"description\" content=\"The Indiana Secretary of State's Office filed an administrative complaint today accusing Stifel Nicolaus & Co.'s local office of securities fraud, — October 1, 2009\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/stifel-nicolaus-co-office-indi\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Indiana Accuses Stifel Nicolaus & Co. of Auction Rate Securities Fraud — Investor Lawyers Blog — October 1, 2009\" \/>\n<meta name=\"twitter:description\" content=\"The Indiana Secretary of State's Office filed an administrative complaint today accusing Stifel Nicolaus & Co.'s local office of securities fraud, — October 1, 2009\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards & Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Indiana Accuses Stifel Nicolaus & Co. of Auction Rate Securities Fraud — Investor Lawyers Blog — October 1, 2009","description":"The Indiana Secretary of State's Office filed an administrative complaint today accusing Stifel Nicolaus & Co.'s local office of securities fraud, — October 1, 2009","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/stifel-nicolaus-co-office-indi\/","twitter_card":"summary_large_image","twitter_title":"Indiana Accuses Stifel Nicolaus & Co. of Auction Rate Securities Fraud — Investor Lawyers Blog — October 1, 2009","twitter_description":"The Indiana Secretary of State's Office filed an administrative complaint today accusing Stifel Nicolaus & Co.'s local office of securities fraud, — October 1, 2009","twitter_misc":{"Written by":"Shepherd Smith Edwards & Kantas, LLP","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/stifel-nicolaus-co-office-indi\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/stifel-nicolaus-co-office-indi\/"},"author":{"name":"Shepherd Smith Edwards & Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Indiana Accuses Stifel Nicolaus & Co. of Auction Rate Securities Fraud","datePublished":"2009-10-01T19:47:19+00:00","dateModified":"2022-08-26T14:08:17+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/stifel-nicolaus-co-office-indi\/"},"wordCount":304,"articleSection":["Financial Firms","Stifel, Nicolaus, & Co. 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