A Colorado-based investment advisory firm has been fined $200,000 and ordered to improve its compliance practices regarding the purchase of securities on behalf of certain institutional investors.

First Western Capital Management Co., based in Denver, will also be censured and is subject to a cease-and-desist order on similar purchases, although the company will not have to admit to any wrongdoing, according to a Securities and Exchange Commission administrative proceeding filed Thursday.

Aaron Nicodemus is the Editor-in-Chief of Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass. Email: aaron.nicodemus@complianceweek.com LinkedIn:...