Stifel

Missouri Secretary of State's office

Updated Jan. 23 with Ashcroft statement Missouri Secretary of State Jay Ashcroft is coming to the defense of David Minnick, his appointee to head the division of securities

Minnick has been under fire from Democrats in the legislature because he now heads the office that’s investigating his former employer, Stifel Financial Corps, for “undisclosed allegations.”

View Larger Map

Updated 4:02 p.m.:

Stifel, Nicolaus & Co. has released a statement regarding the complaint, read the full text here.

The federal Securities and Exchange Commission has charged a St. Louis brokerage firm and a former executive with defrauding five Wisconsin school districts by selling them risky investments funded mainly with borrowed money.

The SEC complaint against Stifel, Nicolaus & Co. and former Senior Vice President David Noack was filed in federal court in Milwaukee Wednesday.