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Adviser fined $10k for moving funds without proper authorization
Move was sparked by fears of collapse in the wake of Silicon Valley Bank failure.
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Activist investor Macellum Advisors hit with $75k penalty for failing to disclose third-party payments
The firm was accused by the SEC of failing to disclose potential conflicts of interest resulting from the fees it received from outside investors.
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Compliance failures related to cherry-picking scheme at two IA firms
The SEC said the firms failed to supervise advisers engaging in the fraudulent practice of preferentially allocating profitable trades at the expense of client accounts.
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Exceeding client-designated investment limits leads to IA fines
SEC has fined Merrill Lynch and Harvest Volatility Management for fiduciary negligence resulting in higher fees, over-exposure and some losses.
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New Jersey asset management firm CCO pleads guilty to $401m fraud
With SEC and DOJ charges pending, we examine the case and assess the implications of the CCO’s characterization as a gatekeeper.
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SEC roundup: Fee failures, fraud, improper trading and manipulated financial results
In one of this week’s cases, a company founder paid a data science professor to manufacture fake data, and an investment advisor firm failed to disclose fees of more than $4m.