Advisers Act

/Advisers Act

SEC Charges Broker with “Cherry-Picking”

SEC Charges Broker with “Cherry-Picking” WHAT HAPPENED? On Wednesday, September 12th, the Securities and Exchange Commission (SEC) charged a broker with allegedly misusing client account information to allocate gainful trades into their own accounts and unprofitable trades into client retirement accounts, also known as “cherry-picking.” Allegedly, the charged broker [...]

RIA Settles SEC Charges for Violations of Advisers Act and Custody Rule

RIA Settles SEC Charges for Violations of Advisers Act and Custody Rule WHAT HAPPENED? On July 17th, 2017, the Securities and Exchange Commission (SEC) released its final charges against a registered investment adviser for violations of the Investment Advisers Act of 1940 (the “Advisers Act”) and Custody Rule. According [...]

Three Investment Advisers Settle with SEC on Campaign Contribution Charges

Three Investment Advisers Settle with SEC on Campaign Contribution Charges WHAT HAPPENED? On July 10th, 2018, the Securities and Exchange Commission (SEC) released its charges against three separate investment advisers in violation of the “pay-to-play” rule. Rule 206(4)-5 of the Advisers Act is designed to address “pay-to-play abuses involving [...]

SEC Charges Investment Advisers and Representatives for Violating Testimonial Rule

SEC Charges Investment Advisers and Representatives for Violating Testimonial Rule WHAT HAPPENED? On July 10th, 2018, the Securities and Exchange Commission (SEC) settled proceedings against two registered investment advisers, three investment adviser representatives and a marketing consultant for distributing advertisements containing testimonials on the internet. The term “testimonial” has [...]

SEC Orders Cease-and-Desist to Registered Investment Adviser for Multiple Violations of the Advisers Act

SEC Orders Cease-and-Desist to Registered Investment Adviser for Multiple Violations of the Advisers Act WHAT HAPPENED? On June 4th, 2018, the Securities and Exchange Commission (SEC) released its order instituting administrative and cease-and-desist proceedings against a registered investment adviser (“Respondent”) found to be in multiple violations of the Advisers [...]