STIFEL, NICOLAUS & COMPANY, INCORPORATED

Voluntary Resignation

Possible use of discretion without written authorization.

Missouri

Alleged violation of Sections 409.4-412(b) and 409.4-412(d)(5)(C)

Consent

Civil and Administrative Penalty(ies)/Fine(s)

$2,500.00

Suspension

All Capacities

One month

2/7/2022

3/6/2022

FINRA

Without admitting or denying the findings, Kichline consented to the sanctions and to the entry of findings that he exercised discretion on 1,519 occasions in five customers' accounts. The findings stated that although the customers gave Kichline oral discretion to purchase or sell securities, none of the customers provided prior written authorization for him to exercise discretion in their account. Additionally, Kichline's former firm did not accept any of the customer accounts as discretionary account.

Acceptance, Waiver & Consent(AWC)

Civil and Administrative Penalty(ies)/Fine(s)

$5,000.00

Suspension

All Capacities

One Month

2/7/2022

3/6/2022

Raymond James & Associates, Inc.

Discharged

FA violated firm policy by exercising discretion without authorization from certain clients prior to placing trades in those clients' non-discretionary accounts, and by exceeding time and price discretion authority with regard to other clients.

CLIENT ALLEGES FINANCIAL CONSULTANT OPENED ACCOUNTS IN HER NAME WITHOUT AUTHORIZATION. ACTIVITY OCCURRED IN 1997, NOVEMBER 2004, AND MAY 2005. DAMAGES NOT ALLEGED BUT BELIEVED TO EXCEED $5,000.

I DENY THE ALLEGATIONS.