Recent SEC Share Class Case Focuses on Wrap Fee Program
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July 29, 2022
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SEC Brings Share Class Selection Enforcement Action Involving Wrap Fee Accounts
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May 13, 2022
The SEC is suing a Missouri adviser for allegedly investing client assets in expensive mutual fund share classes to avoid paying transaction fees.
October 06, 2021
New SEC Share Class Disclosure Cases Involve Wrap Fee Programs, Expense-Sharing Agreement
The SEC has fined a previously-registered adviser over $1 million for alleged breaches of fiduciary duty.
September 03, 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
Dual-Registrant Pays Over $18 Million to Settle Charges Related to Wrap Fee Program Fees, Monitoring
The SEC has fined a New Jersey-based dual-registrant over $18 million for breaches of fiduciary duty to advisory clients that participated in the firm’s wrap fee programs.
January 05, 2021
Dual-Registrant Pays Over $20 Million to Settle Share Class, Cash Sweep, and Illiquid Alt
The SEC has fined an Iowa-based dual-registrant over $20 million in connection with “disclosure failures and misleading statements to clients” arising from share class selection, revenue sharing, and compensation practices relating to illiquid alternative investments.
December 28, 2020
The SEC has fined a Texas-based investment adviser regarding failures to disclose certain practices by the adviser in connection with teacher retirement plans and certain benefits received in connection with mutual fund share class selection practices.
August 11, 2020