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Another CCO settles with SEC over negligence of duties

Joe Mont | August 21, 2017

Once again, the Securities and Exchange Commission has reached a settlement with a chief compliance officer over allegations of either wrongdoing or negligence. The settlement, reached on Aug. 15 also offers a reminder regarding the potential hazards of retaining third party compliance services.

The case in question dates back to March 30, 2015 when the Commission instituted public administrative and cease-and-desist proceedings against David I. Osunkwo and other parties.

In 2010 and 2011, Aegis Capital and Circle One Wealth Management, registered investment advisers affiliated because of common control, failed to file timely and accurate reports with the Commission.

Aegis Capital failed to file an annual update to its Form ADV for the 2010 fiscal year.

Circle One filed an annual amendment to its Form ADV with the Commission in April 2011 that was intended to reflect a merger between... To get the full story, subscribe now.