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Broker-Dealer Agrees to $1.5 Million Settlement for Failing to File Suspicious Activity Reports Related to Cybercrimes | Faegre Drinker Biddle & Reath LLP

On May 12, 2021, the Securities and Exchange Commission (“SEC”) settled charges against GWFS Equities, Inc. (“GWFS”), a Colorado-based registered broker-dealer and affiliate of Great. ....

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Wrap Fee Programs Under Continued Scrutiny and Use of Investment Advisory Product Committees | Faegre Drinker Biddle & Reath LLP

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Further to the Securities and Exchange Commission (“SEC” or the “Commission”)’s ongoing review of investment advisers offering wrap fee programs, on December 23, 2020, the Commission announced a settlement with Pruco Securities, LLC (“Pruco”) related to alleged breaches of fiduciary duty in connection with its wrap fee programs. Pruco agreed to pay disgorgement, interest, and civil penalties totaling over $18.2 million to compensate for its alleged breaches of its fiduciary duties to its advisory clients that participated in its wrap fee programs.[1] In short, the SEC alleged that Pruco breached its fiduciary duties and violated Sections 206(2) and 206(4) of the Investment Advisers Act of 1940 (the “Advisors Act”), and Rule 206(4)-7 thereunder, by failing to disclose certain fees, savings, and revenue sharing payments it received in connection with its wrap fee programs, and the associated confl ....

Exchange Commission , Assets Consulting Services , Faegre Drinker Biddle Reath , Pruco Securities , See In The Matter Of Pruco Securities , Investment Company , Bank Sweep Program , Faegre Drinker Biddle , Investment Advisers Act , Managed Assets Consulting Services , Prustrategist Portfolios , Investment Company Act , Pruchoice Form , Employee Retirement Income Security Act , Individual Retirement Accounts , Bank Sweep , Advisers Act , Advisors Act , Proceeding File , பரிமாற்றம் தரகு , சொத்துக்கள் ஆலோசனை சேவைகள் , முதலீடு நிறுவனம் , வங்கி ஸ்வீப் ப்ரோக்ர்யாம் , நிர்வகிக்கப்பட்டது சொத்துக்கள் ஆலோசனை சேவைகள் , முதலீடு நிறுவனம் நாடகம் , ஊழியர் ஓய்வு வருமானம் பாதுகாப்பு நாடகம் ,

Wrap Fee Programs Under Continued Scrutiny

Wednesday, January 20, 2021
Further to the Securities and Exchange Commission (“SEC” or the “Commission”)’s ongoing review of investment advisers offering wrap fee programs, on December 23, 2020, the Commission announced a settlement with Pruco Securities, LLC (“Pruco”) related to alleged breaches of fiduciary duty in connection with its wrap fee programs. Pruco agreed to pay disgorgement, interest, and civil penalties totaling over $18.2 million to compensate for its alleged breaches of its fiduciary duties to its advisory clients that participated in its wrap fee programs.[1] In short, the SEC alleged that Pruco breached its fiduciary duties and violated Sections 206(2) and 206(4) of the Investment Advisers Act of 1940 (the “Advisors Act”), and Rule 206(4)-7 thereunder, by failing to disclose certain fees, savings, and revenue sharing payments it received in connection with its wrap fee programs, and the associated conflicts of interest relate ....

Exchange Commission , Assets Consulting Services , Pruco Securities , See In The Matter Of Pruco Securities , Investment Company , Bank Sweep Program , Investment Advisers Act , Managed Assets Consulting Services , Prustrategist Portfolios , Investment Company Act , Pruchoice Form , Employee Retirement Income Security Act , Individual Retirement Accounts , Bank Sweep , Advisers Act , Advisors Act , Proceeding File , Wrap Fee Programs , பரிமாற்றம் தரகு , சொத்துக்கள் ஆலோசனை சேவைகள் , முதலீடு நிறுவனம் , வங்கி ஸ்வீப் ப்ரோக்ர்யாம் , நிர்வகிக்கப்பட்டது சொத்துக்கள் ஆலோசனை சேவைகள் , முதலீடு நிறுவனம் நாடகம் , ஊழியர் ஓய்வு வருமானம் பாதுகாப்பு நாடகம் , தனிப்பட்ட ஓய்வு கணக்குகள் ,