Fraudulent Inflammation of Assets Cost Firm Over $1 Million
Last week, the Securities and Exchange Commission (“SEC”) charged a Washington-based hedge fund firm and its Chief Executive Officer & Chief Investment Officer, Chris Yoo with fraudulent inflammation of its private fund assets in order to receive unearned management fees. … Read More
Firm Charged With Improperly Retaining Fees From Clients
On September 2, 2015, a Philadelphia- based investment advisory firm was charged by the Securities and Exchange Commission (“SEC”) with improperly retaining fees from collateralized debt obligation (“CDO”) clients. From 2009 to 2012, Taberna Capital Management (“Taberna”) retained “exchange … Read More
FinCEN Proposed Rule to Prescribe Standards for Anti-Money Laundering Programs
On August 25, 2015, the Financial Crimes Enforcement Network (“FinCEN”), a bureau of the Department of Treasury (“Treasury”), proposed a rule that would “prescribe minimum standards for anti-money laundering programs (“AML”) to be established by investment advisers.” This rule would … Read More
The Importance of Effective Trade Surveillance
On August 19, 2015, The Securities and Exchange Commission “SEC” announced that Citigroup Global Markets (“Citigroup”) has agreed to settle charges that it failed to enforce policies and procedures to prevent and detect securities transactions that could involve the misuse … Read More
Are you Performing Due Diligence?
On July 30, 2015 Curian Capital (“Curian”), an SEC registered asset management firm, surprised the industry by posting a notice on their website stating they will no longer accept any new business and will only continue to manage existing … Read More
Failure to Disclose Information Costs Firm $50,000
Recently, the Securities and Exchange Commission (“SEC”) issued a “cease-and-desist” order against Dion Money Management, LLC (“Dion”) for “failure to disclose to clients the terms of certain compensation arrangements whereby the adviser received payments from third parties that were calculated … Read More
2016 Core Compliance Annual Compliance Symposium: Sponsor Line Up
Take part in a one-day educational event that will cover some of the most important compliance topics of today!