The U.S. District Court for the District of Colorado entered a final judgment by consent against a former Stifel rep who allegedly misappropriated $451,889 from an elderly widowed client, the Securities and Exchange Commission said Thursday.
The final judgment enjoins Steven D. Rodemer from violating the antifraud provisions of Sections 206(1) and 206(2) of the Investment Advisers Act of 1940 and orders him to pay a civil penalty in the amount of $385,536, the SEC said.
Rodemer, who was barred in March by the Financial Industry Regulatory Authority from acting as a broker, agreed on Sept. 3 to pay $385,536 to the SEC to settle the SEC’s claim that he scammed an elderly client.