- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2022-08-12T18:26:00
The Securities and Exchange Commission (SEC) settled charges against a Florida-based investment adviser and its former representative Wednesday relating to a multiyear “cherry-picking” scheme.
IFP Advisors and its former investment adviser representative, Richard Keith Robertson of California, agreed to settle charges for the “fraudulent practice of preferentially allocating profitable trades or failing to allocate unprofitable trades to an adviser’s personal accounts at the expense of the adviser’s client accounts,” according to an SEC administrative proceeding.
IFP was fined $400,000, censured, and must retain an independent compliance consultant to review its policies and procedures regarding trade allocation, monitoring, and recordkeeping. The firm did not admit nor deny the agency’s findings.
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Nine investment advisers failed to follow Securities and Exchange Commission rules designed to keep clients’ assets safe and/or timely disclose financial updates following audits, the agency announced.
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