meta_id 2995084

On March 23, 2026, the Maine Office of Securities issued a consent order against Stifel, Nicolaus & Company, Inc. (Case No. 25-20765, Consent Order No. 2026-03) resolving charges that the broker-dealer charged unreasonable commissions on low-principal equity transactions. Following a coordinated investigation, the Maine Securities Administrator determined that Stifel charged unreasonable commissions on approximately 45,352 equity transactions nationwide between May 1, 2020 and April 30, 2025, totalling $885,480.13. In Maine specifically, Stifel executed 105 equity transactions with unreasonable commissions exceeding 5 percent of the principal trade amount, totalling $1,835.74. The firm applied a minimum commission of $40 plus a $5.00 transaction fee to certain equity transactions, which frequently resulted in commissions well in excess of the Financial Industry Regulatory Authority (FINRA) Rule 2121 guideline of 5 percent. The Administrator found that Stifel failed to reasonably supervise these transactions and did not adequately detect and correct unreasonable commission charges despite having supervisory systems and policies permitting manual commission adjustments. Under the consent order, Stifel must cease the conduct, provide restitution to affected Maine customers of no less than $1,835.74 plus 6 percent interest from the transaction date to May 21, 2025, and pay an administrative fine of $20,000 to the State of Maine. Restitution must be distributed within 60 days of the order's execution. Stifel must also submit a restitution report to the Administrator within 45 days of mailing customer notification letters. The order does not create any disqualification under securities laws or FINRA rules. Stifel neither admitted nor denied the findings.