Over the past several years, The Securities and Exchange Commission (“SEC”) has brought hundreds of enforcement actions over violations of federal securities involving over-the-counter (OTC) securities, resulting in tens of millions in harm to retail investors. In an effort to … Read More
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 … Read More
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 $45,905 as … Read More
The most recent Risk Alert distributed by the Securities and Exchange Commission (“SEC”) focused on many compliance issues that have been identified relating to principal trading and cross agency transactions. The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) provided … Read More
With another year winding down, compliance personnel needs to begin evaluating the status of compliance projects and schedule any remaining tasks to ensure completion. Consideration of any regulatory changes, guidance, and risk alerts issued during the year, emerging best practices … Read More
KPMG agreed to pay a $50 million penalty and review its ethics and integrity controls as a settlement with the Securities and Exchange Commission (SEC) for charges that the firm altered past audit work papers after illegally obtaining information from … Read More
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.
“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 … Read More
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 … Read More
Through their examination process, the Office of Compliance Inspections and Examinations (OCIE) has uncovered a number of compliance concerns pertaining to Regulation S-P, the Securities and Exchange Commission (SEC) regulation that defines requirements for privacy notices and safeguard policies that … Read More