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Stifel Nicolaus

We continue to investigate a large number allegations of Stifel Nicolaus fraud. Stifel, Nicolaus & Co. is a brokerage firm based in St. Louis. The firm has been sued by investors seeking buybacks or other restitution for hundreds of millions of dollars worth of securities that quickly became worthless.

In late 2009, Stifel Nicolaus reportedly agreed to a buyback of more than $100 million in auction rate securities (ARS). Investors in Colorado, Indiana, Maryland and Missouri said their accounts were frozen when the ARS markets froze in 2008. They became unable to withdraw any funds from their accounts. Authorities say Stifel Nicolaus failed to warn investors about the risks associated with ARS, which in many cases were presented to investors as safe, liquid investments.

In 2008, five Wisconsin school districts and benefit trusts filed a lawsuit against Stifel Nicolaus for placing $200 million in collateralized debt obligations (CDOs) that they were told were safe. Those 2006 investments have become worthless.

One Stifel Nicolaus broker pleaded guilty in 2009 to mail fraud for running a Ponzi scheme in Missouri in which he raised more than $600,000 in investor funds. Also in 2009, another Stifel Nicolaus broker was sentenced to prison for stealing more than $80,000 from clients that he used for gambling and drinking.

Our Stifel Nicolaus lawyers continue to investigate illegal activities by the firm in these cases and others. If you have a Stifel Nicolaus arbitration settlement or lawsuit claim, contact us today.

Client Reviews
Working with Joe was an absolute pleasure considering the unfortunate situation I was dealing with! He’s very knowledgeable and easy to communicate with. He kept me informed in all aspects of my case in a timely manner. Whenever I contacted him with a question he responded quickly. His expertise came through for me! I would highly recommend him! Joanne
I hired Joe and his firm Stoltmann Law office to represent me in a case where my investment guy had lost a substantial amount of money in my account. He invested in some very speculative energy stocks which should not have been in my portfolio due to my request for a very conservative investment portfolio. I was very impressed and satisfied with the representation and negotiations on my behalf by Joe and Stoltmann Law offices and I would definitely recommend them to anyone who would be in need of a very fine firm. Anonymous
Never having a need to file suit against anyone, let alone a major multi-national brokerage firm, I was at a loss to find a legal firm to assist me. After much searching, I found Stoltmann Law Offices, PC. They were very diligent and professional in the handling of my case and I am glad that I retained their services. I would definitely refer them to anyone seeking similar help. Donald F.