On September 2, 2014, the Financial Industry Regulatory Authority (FINRA) fined broker-dealer firm, Stifel Nicolaus & Co. for failing to establish and implement an anti-money laundering program designed to detect and report suspicious activity. Between September 1, 2009 and December 31, 2013, Stifel, Nicolaus executed unsolicited purchases of at least $2.5 billion shares of penny stocks, on behalf of its customers. These penny stock purchases generated around $320 million in proceeds for Stifel.

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