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RIA Compliance Blog

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New SEC Co-Directors of Enforcement Identify Cyber Threats as the Greatest Threats to Financial Markets

Earlier this year, Securities and Exchange Commission Chairman Jay Clayton appointed Stephanie Avakian and Steven Peikin as co-directors of the SEC’s Enforcement Division.  In an interview with Reuters, Avakian and Peikin expressed particular concern about cyber threats and how the SEC should make cybersecurity an enforcement priority.  According to Peikin,…

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SEC Charges Investment Adviser with Distributing False Account Statements to Investors

On October 2, 2017, the Securities and Exchange Commission filed a complaint in the United States District Court for the Central District of California against Tweed Financial Services, Inc. (“TFSI”), an investment advisory firm, and its proprietor, Robert Russel Tweed (“Tweed”).  The SEC’s complaint alleges that TFSI and Tweed “defrauded…

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FINRA Publishes Notice to Arbitrators and Parties Regarding Expungement Procedures

In September 2017, the Financial Industry Regulatory Authority updated a previously published Notice related to FINRA Rules 12805 and 13805, which “establish procedures that arbitrators must follow before recommending expungement of customer dispute information related to arbitration cases from a broker’s Central Registration Depository (CRD®) record.”  When details are expunged…

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Parker MacIntyre Publishes Whitepaper on Private Investment Fund Formation

Parker MacIntyre has recently published a whitepaper entitled Forming a Hedge Fund or other Private Investment Fund: A Top 10 List for the Entrepreneurial Fund Manager.  If you are a money management or other financial services professional currently giving some serious thought to setting-out on your own as an entrepreneurial…

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DOL Proposes Additional Extension of Fiduciary Rule Transition Period

The Department of Labor (DOL) recently published its proposal to extend the transition period of the Fiduciary Rule and delay the second phase of implementation from January 1, 2018 to July 1, 2019. Currently only adherence to the impartial conduct standards is required for compliance with the Best Interest Contract…

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SEC Settles Charges with Investment Adviser Over Insufficient Disclosure of Fees

On August 14, 2017, the Securities and Exchange Commission (“SEC”) issued an Order Instituting Administrative and Cease and Desist Proceedings (“Order”) against Coachman Energy Partners, LLC (“Coachman”), an investment adviser, and its owner, Randall D. Kenworthy (“Kenworthy”).  According to the SEC’s Order, Coachman “failed to adequately disclose its methodology for…

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SEC Charges Investment Adviser with Misappropriating $2.8 Million From her Clients

On August 23, 2017, the Securities and Exchange Commission (“SEC”) filed a complaint in the United States District Court for the District of Colorado against Sonya D. Camarco (“Camarco”), an investment adviser.  The complaint alleges that Camarco “misappropriated over $2.8 million in investor funds from her clients and customers.”  The…

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SEC Charges Investment Adviser With Defrauding Clients Regarding Advisory Fees

On August 22, 2017, the Securities and Exchange Commission (“SEC”) filed a complaint in the United States District Court for the Central District of California against Jeremy Drake (“Drake”), an investment adviser.  The complaint alleges that Drake lied to two clients, a high-profile professional athlete and his wife, regarding their…

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Georgia Securities Commissioner Holds Second “Fairness Hearing” in Recent M&A Deal

The Georgia Securities Commissioner’s office recently held a fairness hearing pursuant to a request by two merging local banks seeking to facilitate their merger by forgoing the need to register newly issued securities at both the state and federal levels. The hearing, which is Georgia’s second in the last four…

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