- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
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.
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