SEC Fines PE Fund Adviser $4.5 Million in Connection with Fee Calculations
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December 21, 2021
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Adviser, Principals Fined for Charging Clients Fees Without Providing Advice
A Michigan-based investment adviser and two of its principals are paying more than $900,000 to settle SEC charges related to a breach of their fiduciary duties and failing to disclose conflicts of interest.
October 05, 2021
The SEC has fined an Ohio-based dual-registrant for violating the Custody Rule because the firm did not provide investors in two private funds that it advised with audited financial statements or alternatively retain an independent public accountant to conduct surprise examinations of the private funds’ assets.
September 22, 2021
SEC Brings More Revenue Sharing Disclosure Cases
Revenue sharing disclosure violations are at the heart of two new enforcement actions by the SEC.
August 17, 2021
SEC Adds Lack of Disclosure of Margin Interest Mark-Ups to Share Class-Related Violations
The SEC has fined a Connecticut-based dual-registrant for breaches of fiduciary duty in connection with advising clients to purchase and hold mutual fund share classes that charged 12b-1 fees when lower cost fund shares were available.
August 04, 2021
Adviser to Pay $97 Million in Connection with Rollover Conflicts
A New York-based firm dually registered as an investment adviser and broker-dealer has agreed to pay $97 million to settle charges by the SEC and the New York Attorney General’s office (NYAG) that it made inaccurate and misleading statements and failed adequately to disclose conflicts of interest in connection with thousands of rollover recommendations.
July 13, 2021
SEC Continues to Bring Share Class Enforcement Cases
The SEC recently brought enforcement actions against two investment advisers and an investment adviser representative in connection with share class disclosures.
June 29, 2021
SEC Fines Adviser for Undisclosed Third-Party Loans to its IARs
The SEC brought an enforcement action against an Arizona-based investment adviser for failing to disclose to clients the existence of and conflicts of interest created by loans its IARs received from a third-party broker-dealer, an investment adviser affiliated with the broker-dealer, and their parent company.
June 15, 2021