SEC Disciplines RIA and IAR for Improper Advisory Account Conversions

On February 14, 2025, the SEC settled charges against a New York-based Registered Investment Adviser (RIA) and a former Investment Adviser Representative (IAR) of that firm. The RIA and IAR allegedly breached the fiduciary duty they owed to their clients. The RIA and...

SEC Charges Two RIAs and Merrill Lynch with Cash Sweep Programs Compliance Failures

On January 17, 2025, the SEC announced that it had settled charges against two Registered Investment Advisers (RIAs), as well as against Merrill Lynch, Pierce, Fenner & Smith Incorporated (Merrill Lynch). Aside from being a broker-dealer, Merrill Lynch is an...

The SEC Disciplines RIA for Custody Rule and Liability Disclaimer Violations

On September 3, 2024, the SEC announced that it had settled charges against a Registered Investment Adviser (RIA) that failed to comply with requirements pertaining to the safekeeping of client assets. The SEC also alleged that the RIA used impermissible liability...

The SEC Disciplines RIAs for Undisclosed Conflicts of Interest, Recordkeeping Violations, and Pay to Play Rule Violations

On August 12, 2024, the SEC announced that it had settled charges against a New York-based Registered Investment Adviser (RIA). The SEC ordered the RIA to pay over $6 million and to return funds to clients who were harmed by the firm’s undisclosed conflicts of...