By Aaron Nicodemus2022-09-21T20:33:00
A New York-based investment adviser will pay a $90,000 penalty for violating a Securities and Exchange Commission (SEC) rule by failing to obtain “surprise” examinations of advisory client assets.
Arcadia Wealth Management agreed Monday to the fine, a cease-and-desist order, and a censure. As part of a settlement, Arcadia’s chief compliance officer must complete 30 hours of compliance training relating to the Investment Advisers Act within one year.
Arcadia failed to obtain surprise examinations of client funds and securities for which it had custody from 2013-19, in violation of the SEC’s custody rule, according to the agency’s order. The SEC said Arcadia failed to implement policies and procedures to prevent violations of the rule.
2023-02-15T22:24:00Z By Aaron Nicodemus
The Securities and Exchange Commission proposed registered investment advisers be required to place nearly any asset, not just cash and securities, with qualified custodians, thereby expanding the scope of client assets.
2025-09-17T17:20:00Z By Adrianne Appel
A Florida seafood company executive has pleaded guilty to conspiring with competitors to fix the prices he paid to local fishers, an effort that impacted more than $8 million in wholesale fish and cut the pay of hundreds of fishers, the Department of Justice said.
2025-09-16T20:11:00Z By Adrianne Appel
The former CEO of a Georgia clothing business faces 25 years in prison for bribing Honduran officials to win $10 million in uniform contracts in Honduras, after being caught up in a Department of Justice Anticorruption Task Force.
2025-09-12T19:40:00Z By Oscar Gonzalez
The DOJ sued Uber Thursday, alleging it violated the Americans with Disabilities Act (ADA) by denying people with disabilities equal access to its services.
2025-09-11T20:53:00Z By Neil Hodge
Europe’s banking regulator warns that weak compliance at fintech, regtech, and crypto firms may let money laundering and terrorist financing risks slip through. The EBA also found EU regulators’ approaches are often inconsistent and unclear.
2025-09-10T22:24:00Z By Adrianne Appel
California, Colorado, and Connecticut launched a joint enforcement sweep against businesses that fail to honor consumers’ online opt-out requests, the states announced Tuesday.
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