- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2023-09-25T18:57:00
A Wisconsin-based broker-dealer agreed to pay a $50,000 fine to settle allegations by the Securities and Exchange Commission (SEC) it failed to comply with Regulation Best Interest (Reg BI).
Carl M. Hennig agreed to cease and desist from further violations and to be censured, the SEC announced in an administrative proceeding Friday. The agency alleged Hennig failed to comply with the compliance, conflict of interest, and care obligations of Reg BI.
Between June 2020 and January, Hennig’s written policies and procedures were not reasonably designed to achieve compliance with Reg BI, the SEC alleged in its order.
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Registered broker-dealer Laidlaw and Company agreed to pay more than $800,000 as part of a settlement with the Securities and Exchange Commission addressing multiple alleged violations of Regulation Best Interest.
Wilmington Trust Investment Management agreed to pay more than $1.3 million to settle charges by the Securities and Exchange Commission it failed to disclose conflicts of interest and breached its fiduciary duty to clients.
The Securities and Exchange Commission ordered New York-based investment adviser Bruderman Asset Management and its principal to pay a total of $250,000 over their alleged failure to disclose misuse of profits raised from 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.
