Trust but Verify….

  Linda F. Beckmann, CSCP Managing Member Focus 1 Associates LLC   The Securities and Exchange Commission (“Commission”) fined Cantella & Co. (“Cantella”) $100,000 in an administrative proceeding released February 23, 2016 for using a third-party model’s performance data without … Read More ›

Cybersecurity – Not just a Buzzword…

An adviser stored sensitive, personally identified information (PII) of clients and others on its third-party-hosted web server from 2009 to 2013. The web server was attacked in July 2013 by an unknown hacker who gained access and copy rights to … Read More ›

Buyer Beware!

Mackensen & Company, Inc. (“MCI”) and Warren J. Mackensen have submitted an Offer of Settlement which was accepted by the Securities and Exchange Commission related to proceedings brought by or on behalf of the Commission. Mr. Mackensen and his family … Read More ›

He That Goes a Borrowing Goes a Sorrowing. ~Benjamin Franklin

The Securities and Exchange Commission (“SEC”) announced on August 10, 2015 that Guggenheim Partners Investment Management LLC (“GPIM”) settled charges that it breached its fiduciary duty by failing to disclose a $50 million loan one of its senior executives (“Executive”) … Read More ›

Record-Breaking SEC Enforcement Actions in FY2014

Record 755 enforcement actions, covering a wide range of misconduct, vs 686 enforcement actions in FY2013 and 734 enforcement actions in FY2012 Obtained orders totaling $4.16 billion in disgorgement and penalties, vs $3.4 billion in FY2013 and $3.1 billion in … Read More ›

Improper SEC Registration

The Securities and Exchange Commission filed 734 enforcement actions in the fiscal year that ended September 30, 2012. In the area of Investment Advisers, the SEC filed several actions as a result of the compliance initiative, looking for advisers who … Read More ›