With the “free money” well running dry, compliance is one area that heavily regulated firms should think long and hard about before cutting to conserve cash.
The businesses will pay a combined $850,000 for allegedly using hypothetical performance in advertising without updating their policies and procedures to comply with the rule.
Too many firms were failing to consider and offer lower-cost or lower-risk alternatives to the non-traded products, or other complex offerings like private placements, according to a new report from state regulators.
New York-based fintech advisor Titan Global Capital Management will pay more than $1 million to settle charges it made misleading statements concerning hypothetical performance metrics for its crypto strategy.