SEC Enforcement Archives

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

Tags: Compliance Policies, Conflicts of Interest, Disclosure, SEC Enforcement

SEC Charges Adviser and its CCO with Cherry-Picking

The SEC has filed a complaint in federal district court charging an Illinois-based investment adviser and its CCO, who is also its COO and co-owner, with defrauding the firm’s clients through a multi-year cherry-picking scheme.

July 08, 2021

Tags: Allocation, SEC Enforcement

SEC Charges Trader with Front Running Employer’s Client Accounts

The SEC has filed a complaint in New York federal district court charging a trader at a Canada-based asset management and hedge fund adviser with engaging in a fraudulent front-running scheme involving several retail client accounts.

July 07, 2021

Tags: SEC Enforcement, Trading

SEC Fines Adviser $1.75 Million for Failure to Protect Client Assets

The SEC has settled charges against a Nebraska-based SEC-registered adviser for failing to implement policies and procedures reasonably designed to prevent the misappropriation of funds from client accounts

July 07, 2021

Tags: AML, SEC Enforcement

SEC Appoints NJ AG Gurbir S. Grewal as Director of Enforcement

The Securities and Exchange Commission today announced that Gurbir S. Grewal has been appointed Director of the Division of Enforcement, effective July 26, 2021.

June 29, 2021

Tags: Gurbir Grewal, SEC Enforcement

SEC Fines Digital Adviser Nearly $25,000 for “Blogger” Arrangements, False Marketing Materials

The SEC has settled charges against a Canadian-based SEC-registered digital adviser for violating Advertising and Cash Solicitation Rules.

June 15, 2021

Tags: SEC Enforcement, Solicitation Rule

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

Tags: Conflicts of Interest, Disclosure, SEC Enforcement

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.

May 18, 2021

Tags: Conflicts of Interest, Mutual Funds, SEC Enforcement

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