Tag: Conflicts of Interest
BDC Adviser Fined Over $800,000 for Accepting Fees Without Board Knowledge or Approval
The SEC has settled charges against a California-based investment adviser and its co-principal and managing member in connection with their failure to disclose or seek approval for material conflicts of...
June 15, 2021
Tags: Conflicts of Interest, Enforcement, Fees and Expenses, Fiduciary, Investment Company Act
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 investment adviser...
June 15, 2021
SEC Fines Principal of Mutual Fund Adviser for Failure to Disclose Conflicts to the Fund
The SEC has fined a principal of a previously registered investment adviser $75,000 for failures to disclose certain conflicts of interest to a mutual fund client of the adviser. The...
May 18, 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. The charges relate...
January 05, 2021
Tags: 12b-1 Fees, Best Execution, Conflicts of Interest, Disclosure, Fees and Expenses, Mutual Funds, Revenue Sharing, SEC Enforcement, Share Class Disclosure, Wrap Fees
In a 3-2 vote, the SEC has adopted amendments to the rule regarding the process for including shareholder proposals in issuers’ proxy statements, making it more difficult for shareholders to...
October 02, 2020
Tags: 12b-1 Fees, Best Execution, Conflicts of Interest, Money Market Fund, Mutual Funds, Revenue Sharing, SEC Enforcement, Share Class Disclosure
The SEC has fined a Texas-based investment adviser a total of $40 million in two enforcement actions regarding failures to disclose certain practices by the adviser in connection with teacher...
August 11, 2020
Tags: 12b-1 Fees, Best Execution, Conflicts of Interest, Jay Clayton, Mutual Funds, Retirement Plans, Revenue Sharing, SEC Enforcement, Share Class Disclosure, Wrap Fees
PA Adviser, Principals Face Share Class Selection and Disclosure Charges
The SEC has filed a complaint against a Pennsylvania-based investment adviser and its principals charging them with breaches of fiduciary duty in connection with the adviser’s mutual fund share-class selection...
May 19, 2020
Tags: 12b-1 Fees, Best Execution, Conflicts of Interest, SEC Enforcement, Share Class Disclosure
The SEC has settled charges with a New York-based private equity fund adviser for failing to fully disclose its practice of charging portfolio companies for the cost of certain in-house...
April 27, 2020
Tags: Conflicts of Interest, Fees and Expenses, Private Equity, SEC Enforcement
SEC Fines Two Advisers for Undisclosed Conflicts Related to Investments in the Same Enterprise
The SEC has settled charges with New Jersey– and California-based investment advisers for failing to adequately disclose material conflicts of interest related to their clients’ investments in an issuer whose...
March 11, 2020
SEC Finds Breaches of Fiduciary Duty and Duty of Best Execution in Connection with Mutual Fund Share
A Pennsylvania-based dual registrant agreed to pay disgorgement, prejudgment interest, and a civil penalty totaling $927,107 for insufficient disclosure of conflicts of interest associated with its receipt of 12b-1 fees...
February 27, 2020
Tags: Conflicts of Interest, SEC Enforcement, Share Class Disclosure
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