Bruderman Asset Management dinged $250K by SEC over disclosure lapses
By 
Jeff Dale2023-09-27T19:43:00
The Securities and Exchange Commission (SEC) ordered a New York-based investment adviser and its principal to pay a total of $250,000 over their alleged failure to disclose misuse of profits raised from clients.
Matthew Bruderman and his firm, Bruderman Asset Management, agreed to cease and desist from further violations and a censure in reaching settlement, the SEC announced in a press release Tuesday. The firm was also faulted for not implementing policies and procedures concerning disclosure of conflicts of interest.
The agency acknowledged remedial acts undertaken by the firm and Bruderman, including voluntarily repaying certain debts to clients totaling nearly $1.7 million.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News Brief
SEC orders AssetMark to pay $18M in conflicts of interest case
Investment adviser AssetMark agreed to pay more than $18 million to settle allegations by the Securities and Exchange Commission regarding undisclosed conflicts of interest involving its affiliate’s cash sweep program and its revenue-sharing arrangements with third parties.
-
News BriefCarl M. Hennig dinged by SEC over Reg BI lapses
Wisconsin-based broker-dealer Carl M. Hennig agreed to pay a $50,000 fine to settle allegations by the Securities and Exchange Commission it failed to comply with Regulation Best Interest.
-
News BriefAmerican Infrastructure Funds to pay $1.6M over fiduciary duty breaches
California-based investment adviser American Infrastructure Funds agreed to pay more than $1.6 million to settle charges by the Securities and Exchange Commission regarding multiple breaches of its fiduciary duty to clients.
More from Regulatory Enforcement
-
ArticleTariff evasion enforcement: The new FCPA
Companies that import goods into the United States will face heightened enforcement scrutiny for attempted acts of customs fraud, including tariff evasion, under the Trump administration. Thus, chief compliance officers and in-house counsel face a new kind of pressure to ensure they are mitigating risk in this area.
-
ArticleFormer COO of plastics importer faces up to five years for customs falsifications
The chief operating officer of a plastic resin importer has pleaded guilty to intentionally falsifying documents to avoid paying tariffs on goods from China, the Department of Justice (DOJ) announced.
-
ArticleCybercrime against banks and account holders takes hit from FBI
Federal investigators have announced progress in dismantling an online criminal operation that steals bank account information by mimicking legitimate bank websites.