Investment adviser fined $50K for compliance lapses following founder/CCO’s death
By 
Aaron Nicodemus2023-03-14T20:22:00
A New York-based investment adviser will pay a $50,000 fine and be required to hire an independent compliance consultant for allegedly failing to implement compliance policies and procedures following the death of its founder and chief compliance officer.
E. Magnus Oppenheim & Co. (EMO) also failed to conduct best execution reviews for its advisory clients from 2019-21, the Securities and Exchange Commission (SEC) alleged Monday in its order. In settling, the firm agreed to be censured and cease and desist from future violations.
In June 2019, the firm’s namesake and founder died. E. Magnus Oppenheim had served as president, chief investment officer, and CCO.
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 BriefPIMCO to pay $9M in SEC disclosure, policy failure settlements
Pacific Investment Management Company agreed to pay a combined $9 million to resolve two separate actions brought by the Securities and Exchange Commission regarding alleged violations of the Advisers Act.
-
PremiumBest practices to ensure your firm’s compliance resiliency
What is compliance resiliency, and why is it crucial for your organization to have it? Recent enforcement examples demonstrate why mapping out a clear business continuity plan can help thwart a risky management reshuffle.
-
Article
Two Point Capital, CEO dinged $100K for compliance procedure lapses
Two Point Capital Management and its CEO John McGowan were fined a total of $100,000 by the Securities and Exchange Commission for failing to adopt and implement policies and procedures tailored to guide the firm’s compliance with federal securities law.
More from Regulatory Enforcement
-
News BriefTrump’s CFPB, dismissing Comerica case, continues to cut down Biden-era lawsuits
The Consumer Financial Protection Bureau dropped yet another consumer protection lawsuit against a bank or fintech provider since Donald Trump was sworn in as president in January. This time, it was with Comerica Bank.
-
News BriefCash App parent to pay $40 million for alleged BSA/AML violations in New York
Block Inc., maker of the popular Cash App, has been hit with a $40 million fine by New York for its alleged failure to report suspicious activity. The move marks the latest in a string of recent state and federal enforcement actions against the company.
-
News BriefDOJ disbands crypto investigation unit, another sign of the Trump administration’s support of digital currency
The U.S. Department of Justice (DOJ) disbanded its crypto investigation unit on Monday, marking another step from President Donald Trump to support the crypto industry and lighten the regulatory burden of potential crypto crime investigations that had started under the Biden administration.