- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-02-28T17:48:00
A St. Louis-based investment adviser and its affiliate agreed to pay $893,502 to settle charges laid by the Securities and Exchange Commission (SEC) regarding failure to disclose conflicts of interest to their advisory clients over eight years.
The SEC charged Huntleigh Advisors and affiliate Datatex Investment Services with violating federal securities law from 2015-22 by not properly disclosing conflicts related to transaction fees, revenue sharing payments, mutual fund share class selection practices that generated fees, and failing to report some of these fees to the SEC, the agency said Monday in an administrative proceeding.
The SEC also said Huntleigh and Datatex breached their duty of care, including best execution for practices regarding the recommendation of mutual fund shares.
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