- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-09-07T20:07:00
A Florida-based investment firm agreed to return more than $700,000 to harmed investors and pay a $225,000 fine for failing to disclose conflicts of interest regarding its mutual fund share class selection process.
Aventura Capital Management agreed to settle charges levied by the Securities and Exchange Commission (SEC) it violated the antifraud, principal trading, and compliance provisions of federal securities laws when it selected mutual funds for clients that collected fees for its broker-dealer affiliate, Aventura Securities, when other similarly priced mutual funds did not produce similar fees for the firm.
Aventura Securities received mark-ups and mark-downs on certain trades where Aventura Capital did not provide written disclosure or obtain prior consent from clients in advance of the transaction, the SEC said.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
Any product that uses AI needs to be safety assessed for its entire lifespan under new rules that went into effect recently across the EU. Experts warned companies using AI to tailor products could be classed as “manufacturers” and face the same duty of care as developed.
National Philanthropic Trust announced the appointment of Tamara Watts, vice president, legal and general counsel for The Susan Thompson Buffett Foundation, to its board of trustees.
Becton Dickinson medical device company will pay $175 million for “repeatedly” misleading investors about its Alaris infusion pump, a product the company knew was flawed and was sold without the required patient-safety approvals, the Securities and Exchange Commission said.
The Securities and Exchange Commission charged bankrupt fashion retailer Express with failing to disclose nearly $1 million in perks to a former chief executive, but did not levy a financial penalty thanks to its cooperation, the SEC said.
A Minnesota transportation company agreed to pay nearly $258,000 to settle allegations that a subsidiaries violated sanctions against Cuba and Iran more than 80 times, the U.S. Treasury Department’s Office of Foreign Assets Control said.
