Brokerage firm defrauded school pension funds - SEC

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US - The Securities and Exchange Commission (SEC) has charged a brokerage firm and its former executive with defrauding the pension funds of five Wisconsin school districts.

Stifel, Nicolaus & Co. and senior vice president David Noack sold the funds unsuitably risky and complex investments funded largely with borrowed money, the SEC claims. The pension plans investe...

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