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Stifel, Nicolaus & Co.

Date:

May 3, 2023

Type of alert:

Failure to Supervise  

Stifel, Nicolaus & Co. has been censured and ordered it to pay $3.2 million. The firm ignored red flags about a broker, Joseph Crespi, who allegedly overcharged churches, nonprofits, and elderly individuals. Crespi allegedly engaged in predatory sales practices for over three years. He was Stifel’s sixth largest producer in New England.

The sanctions include $700,000 in restitution. Stifel has also offered to pay additional restitution to customers who were charged commissions over 5% on equity transactions that violated firm policy and regulations.

This is the third time Stifel has been sanctioned in the past five years, with prior cases in 2018 and 2021.

If you’ve suffered due to Stifel, Nicolaus & Co.’s broker misconduct, please contact us.

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