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SEC Charges CCO of SFX With Compliance Failures

Jaclyn Jaeger | June 22, 2015

The Securities and Exchange Commission last week brought fraud charges against the former president of SFX Financial Advisory Management Enterprises for stealing client funds. The firm and its chief compliance officer separately agreed to settle charges that they were responsible for related compliance failures and other violations.

According to the SEC, SFX’s former president, Brian Ourand, "misused his discretionary authority and control over the accounts of several clients to steal approximately $670,000 over a five-year period by writing checks to himself and initiating wires from client accounts for his own benefit." The matter will be scheduled for a public hearing before an administrative law judge for proceedings to adjudicate the SEC's allegations and determine what, if any, remedial actions are appropriate.

The SEC separately charged SFX and its CCO Eugene Mason, finding that the firm failed to...

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