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SEC settles charges involving fiduciary duty lapses against firm, IA rep
Both had allegedly failed to adequately consider if it was in their clients’ best interest to convert brokerage accounts to advisory ones.
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SEC charges Navy Capital with misrepresenting AML processes to investors
The SEC said the company represented to private fund investors that the firm was voluntarily complying with AML due diligence laws despite actual processes for same being used.
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Morgan Stanley Smith Barney fined $1.5m for inadequate supervision
Firm found to have no policy or procedure in place that could have detected misappropriation of $10m.
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JP Morgan affiliates to pay $151m to resolve five SEC enforcement actions
Five SEC enforcement actions include allegations that some advisers’ recommendations were not in the best interest of clients.
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SEC charges ESG RIA WisdomTree over inadvertent tobacco, fossil fuel investments
The charges arise from prospectuses stating that the company would exclude ESG-negative industries from its investments.
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SEC says Horter Investment failed to supervise adviser for misconduct
SEC says the (now convicted) adviser stole from clients, thanks to the firm and its CEO failing to reasonably supervise him.
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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.