- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
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.
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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.
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.
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.
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.
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.
