Between January 2020 and December 2023, Stifel violated Rule 606(a) of Regulation NMS under the Securities Exchange Act of 1934 and FINRA Rule 2010 by publishing quarterly reports on its handling of customer orders in National Market System (NMS) securities that were inaccurate or incomplete. In addition, between January 2020 and April 2025, the firm’s supervisory system, including its written supervisory procedures (WSPs), was not reasonably designed to achieve compliance with Rule 606(a), and therefore the firm violated FINRA Rules 3110 and 2010.

In February 2024, while associated with FBL, Hostert falsified a claim form. As a result, Hostert violated FINRA Rule 2010 and is suspended for four months in all capacities and fined $5,000.

From January 2021 through August 2024, Stephens violated MSRB Rule G-27 by failing to establish, maintain, and enforce a supervisory system, including written supervisory procedures (WSPs), reasonably designed to achieve compliance with the provisions of MSRB Rule G-37(b) governing political contributions by firms and municipal finance professionals (MFPs). For this violation, Stephens is censured and fined $90,000.

From August 2019 to July 2024, PFS Investments failed to establish and maintain a system reasonably designed to supervise the application of sales charge waivers and fee rebates to which customers were entitled through rights of reinstatement offered by mutual fund companies. Consequently, customers paid $710,738.55 in excess sales charges and fees during the relevant period. Therefore, PFS Investments violated FINRA Rules 3110(a) and 2010.