- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2022-09-09T19:06:00
Nine investment advisers failed to follow Securities and Exchange Commission (SEC) rules designed to keep clients’ assets safe and/or timely disclose financial updates following audits, the agency announced Friday.
BiscayneAmericas Advisers, Garrison Investment Group, Janus Henderson Investors, Lend Academy Investments, Polaris Equity Management, QVR, Ridgeview Asset Management Partners, Steward Capital Management, and Titan Fund Management will combine to pay more than $1 million in total penalties as part of separate settlements with the SEC.
Two of the advisory firms—Polaris and Janus Henderson—violated custody rules, one—QVR—failed to comply with Form ADV, and six firms were penalized for violations of both mandates, the agency said. Without admitting or denying the findings, the firms were censured and ordered to cease and desist.
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The Securities and Exchange Commission announced penalties against five investment advisers as part of its second targeted sweep regarding violations of its custody rule and Form ADV requirements.
The Securities and Exchange Commission proposed registered investment advisers be required to place nearly any asset, not just cash and securities, with qualified custodians, thereby expanding the scope of client assets.
The Securities and Exchange Commission settled charges against Florida-based investment adviser IFP Advisors and its former representative relating to a multiyear “cherry-picking” scheme.
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.
