News & Insights: Enforcement

OCIE Releases Findings After Examining Firms Employing Persons with Disciplinary Histories

OCIE released a Risk Alert that outlines the findings of examinations of over 50 advisers in 2017. All the examined advisers were selected based on their employment with individuals with previous disciplinary events.

How are Advisers Selected for an OCIE Exam?

The reasons OCIE may select an adviser for examination are various and shifting, depending on commonly identified risk factors and changes in regulation. The SEC takes steps to be transparent about which conditions may cause an adviser to be selected for examination.

Investment Adviser Overcharges Clients by $367,000, Charged with Fraud

On May 28, 2019, the SEC charged an investment adviser with overcharging clients by at least $367,000. Stephen Brandon Anderson, owner, and operator of River Source Wealth Management charged a majority of customers advisory fees.

SEC to Increase Exam Funding for Fiscal Year 2019

The SEC proposed a 3.5 percent increase from the 2018 fiscal budget, for a total of $1.658 billion.

SEC Office of Compliance Inspections and Examinations Announces 2018 Examination Priorities

On Feb. 7, 2018, the SEC’s OCIE announced the 2018 examination priorities. The exam priorities are published to improve compliance, prevent fraud, monitor risk and implement policy.

SEC Charges Purported Hedge Fund Manager with Fraud

The SEC claims that since 2014 or earlier, the adviser collectively raised more than $5.3 million from at least six investors by misrepresenting the adviser’s prior money-management and industry experience.

SEC Demands a Jury Trial for Two Investment Advisers Representatives Charged with Fraud

The SEC ordered a trial by jury to be held for alleged claims against two investment adviser representatives on charges of fraudulent and misleading use of their client’s funds while working for a large, well-known Financial institution in Massachusetts.

Private Equity Firm Charged with Failure to Disclose Accelerated Portfolio Monitoring Fees

The SEC charged a private equity fund adviser (“Respondent”) with failing to disclose accelerated portfolio monitoring fees adequately. 

SEC Charges Stock Trader with Insider Trading

The SEC charged a stock trader with generating over $1 million in illegal insider trading profits.  Defendant collaborated with four former colleagues, posing as portfolio managers, to persuade investment bankers to share nonpublic information regarding upcoming secondary offerings.

Adviser Charged with Defrauding Clients

the SEC charged a dually registered investment adviser and broker-dealer, with defrauding its clients and receiving $780,000 in ill-gotten gains.

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