CHICAGO — One day after being accused of fraud by the Securities and Exchange Commission for its role in advising five Wisconsin school districts on a risky investment scheme, Stifel Financial Corp. said it has finalized an agreement to purchase $162.5 million of school district-supported notes from Depfa Bank Plc.
The notes were sold by trusts set up by the districts to begin funding their other post-employment retiree health care obligations. They used the proceeds to invest in risky and complex products involving synthetic collateralized debt obligations.
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