Tag: SEC Enforcement
Colorado Advisers Pay Over $10 Million to Settle Share Class Selection, Related Charges
Two affiliated Colorado-based investment advisers are paying more than $10 million to settle charges involving share class selection disclosure, revenue sharing, and best execution.
July 15, 2021
Tags: Best Execution, SEC Enforcement, Share Class Disclosure
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
California Adviser Pays Over $1.5 Million to Settle Share Class Disclosure Charges
The SEC has fined a California-based dual-registrant for inadequate disclosures of conflicts of interest in connection with investing clients in mutual fund share classes with 12b-1 fees when less expensive share classes were available.
July 08, 2021
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 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 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
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