- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2023-10-11T17:55:00
A Delaware-based investment adviser agreed to pay more than $1.3 million to settle charges by the Securities and Exchange Commission (SEC) it failed to disclose conflicts of interest and breached its fiduciary duty to clients.
Wilmington Trust Investment Management was fined $250,000 and agreed to pay disgorgement of nearly $1 million and prejudgment interest of more than $77,000, the SEC announced in an administrative proceeding Tuesday. The firm agreed to cease and desist from further violations and be censured in reaching settlement.
During a seven-month period in 2020, Wilmington Trust offered a wrap program for certain mutual funds but failed to disclose conflicts of interest associated with no-transaction fees offered through its clearing firm, the SEC alleged in its order.
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Citigroup Global Markets and Citi International Financial Services agreed to pay a total of nearly $2 million as part of a settlement with the Securities and Exchange Commission resolving allegations they violated the disclosure obligations of Regulation Best Interest.
Wisconsin-based broker-dealer Carl M. Hennig agreed to pay a $50,000 fine to settle allegations by the Securities and Exchange Commission it failed to comply with Regulation Best Interest.
California-based investment adviser American Infrastructure Funds agreed to pay more than $1.6 million to settle charges by the Securities and Exchange Commission regarding multiple breaches of its fiduciary duty to clients.
Three months after a U.S. district judge declared Google to be running a monopoly, the Department of Justice recommended the tech giant be forced to sell off its popular Chrome browser as part of an effort to resolve antitrust concerns and reshape the power of tech’s biggest companies.
A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
