SEC recommends action against bank over $200 million school investments

Scuba

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Sat Apr-02-11 07:16 PM
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SEC recommends action against bank over $200 million school investments

http://www.jsonline.com/blogs/news/119114559.html?page=1

Securities and Exchange Commission staff have recommended taking enforcement action against an investment bank involved in five Wisconsin school districts' $200 million investment in risky financial instruments, the bank disclosed Friday.

The parent corporation for Stifel, Nicolaus & Co., Inc., disclosed in an SEC filling that Stifel Nicolaus had received a "Wells Notice" from the federal agency on Friday, indicating that "the staff intends to recommend the filing of a civil or administrative enforcement action against Stifel Nicolaus for possible violations of securities laws related to its role" in the school districts' investments.

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