Only a small fraction of firms have increased their use of client testimonials and endorsements in the wake of the SEC’s updated marketing rules, according to a recent Investment Adviser Association survey.
When working for Coastal Equities, Luke Johnson pushed clients to invest in illiquid alts, including a number of GPB Holdings private placements.
Allianz's guilty plea in the case was unusual. Most companies resolve government investigations by paying money and pledging corrective actions without admitting any wrongdoing.
The new rules are meant to discourage runs like the one in March 2020 and shield remaining shareholders from costs tied to the high level of redemptions.
State regulators claim Raymond James charged customers a a $75 minimum commission charge, regardless of the size of the transaction.
Separately, Merrill Lynch was fined $6 million by the SEC for failing to file hundreds of Suspicious Activity Reports from 2009 to 2019.
David Geake solicited an elderly couple to pledge securities as collateral for a bank loan to support a startup the rep had invested in, but the couple allegedly lost their money when the company failed.
In a parallel action, the SEC charged one of Monmouth Capital Management’s reps with defrauding families of fallen military soldiers.
