In an April 18th Press Release from the Securities and Exchange Commission (SEC) they are seeking public comment (over the next 90 days following publication in the Federal Register) regarding two proposed rules and an interpretation to address retail investor…
Pursuant to an order issued April 16, 2018, the SEC (“Commission”) has fined registered Investment Adviser Arlington Capital Management, Inc. (“Arlington”) $125,000 for making false and misleading advertisements in violation the Investment Advisor’s Ac to 1940. During the time period…
This biggest issue with the financial services industry is the fact that investment advisers are required to operate at a disadvantage; advisers are defined as a fiduciary while broker dealers are not. In short, what this means is that investment…
Last month, the SEC instituted cease and desist proceedings against an AML Officer and CEO of a New York-based investment adviser and broker-dealer due to violations of the Securities Exchange Act of 1934, the Investment Advisers Act of 1940, and…
An important part of the implementation of any compliance program is the supervision of the firm’s employees and associated persons. A firm’s compliance manual should address policies and procedures that have been developed and are maintained to prevent, detect, and…
Today the SEC announced that three advisers have settled charges for breaching fiduciary duties. Per the SEC, PNC Investments LLC, Securities America Advisors Inc., and Geneos Wealth Management Inc. failed to disclose conflicts of interest and violated their duty to…