Latest disclosures

SEC Charges Investment Advisers for Failing to Disclose Conflicts of Interest

Strategic Planning Group (“SPG”) agreed to settle charges with The Securities and Exchange Commission (“SEC”) for failing to disclose a conflict of interest by consenting to a cease-and-desist order, censure, and civil penalties of $200,000. Its principals, David A. Rourke and Jarrod A. Sherman...

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Latest disclosures

Hefren Tillotson, Inc. Settles Charges of Undisclosed Compensation

Registered investment adviser and broker-dealer Hefren-Tillotson, Inc. agreed to settle charges from the Securities and Exchange Commission (“SEC”) for undisclosed compensation it received from its unaffiliated clearing broker. The firm will pay disgorgement of $254,060, prejudgment interest of...

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It’s a Good Time to Review Fee Disclosure for Accuracy & Transparency

September 05, 2019

When it comes to the all-important topic of management and other fees or expenses, investment advisors are charged with the fiduciary responsibility of making certain they disclose all related information comprehensively and transparently.

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Despite Potential Delays and Changes, Firms Should Begin implementation of REG BI Compliance

August 21, 2019

The Securities and Exchange Commission (SEC) issued its final decision on its three-part reform package last month, featuring the Regulation Best Interest (REG BI). The regulation will require broker-dealers to increase their disclosures and act in their client’s best interest when giving...

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SEC Approves Four-Part Rules Package

July 23, 2019

On June 5, 2019, the Securities and Exchange Commission (SEC) approved a four-part investment advice reform package containing new rules that govern conduct, forms, and interpretations for investment advisers and broker-dealers.

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Improper Billing Practices Draw SEC Fraud Charges

July 19, 2019

 “An adviser that fails to adhere to the terms of these agreements and disclosures, or otherwise engages in inappropriate fee billing and expense practices, may violate the Investment Advisers Act of 1940, and the rules promulgated thereunder, including the antifraud provisions.”

This stern...

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The Town of Oyster Bay Settles SEC Fraud Charges

July 17, 2019

In early June, the town of Oyster Bay New York settled 2017 charges issued by the Securities and Exchange Commission (SEC) that it committed fraud related to Municipal Bond Securities it sold investors while failing to disclose the nature and potential impact of side deals with a local food...

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Failure to Supervise Third Parties: AXA Advisors, LLC Sanctioned by FINRA

June 13, 2019

In early May, the Financial Industry Regulatory Authority (FINRA) announced fines levied against AXA Advisors, LLC (AXA), a company that sells and services group annuity contracts for employer-sponsored 401(k) retirement plans through an affiliated life insurance company.

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Social Sentiment Investing Tools: SEC Issues Investor Bulletin

June 11, 2019

Apart from the traditional sources of information investors use to gather information about their own investment decisions, such as analyst estimates, news stories, and other indicators of market volatility, investors lately have been utilizing social sentiment tools.

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Improper Disclosure: BB&T to Return $5+ Million to Retail Investors and Pay Penalty

April 19, 2019

BB&T Securities, a brokerage subsidiary of BB&T Corp., has settled with the Securities and Exchange Commission (SEC) over charges that a firm it had acquired misled clients and overcharged them for advisory services.

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