Carl M. Hennig dinged by SEC over Reg BI lapses
By 
Jeff Dale2023-09-25T18:57:00
A Wisconsin-based broker-dealer agreed to pay a $50,000 fine to settle allegations by the Securities and Exchange Commission (SEC) it failed to comply with Regulation Best Interest (Reg BI).
Carl M. Hennig agreed to cease and desist from further violations and to be censured, the SEC announced in an administrative proceeding Friday. The agency alleged Hennig failed to comply with the compliance, conflict of interest, and care obligations of Reg BI.
Between June 2020 and January, Hennig’s written policies and procedures were not reasonably designed to achieve compliance with Reg BI, the SEC alleged in its order.
Related articles
-
News Brief
SEC dings Laidlaw and Company over Reg BI lapses
Registered broker-dealer Laidlaw and Company agreed to pay more than $800,000 as part of a settlement with the Securities and Exchange Commission addressing multiple alleged violations of Regulation Best Interest.
-
News BriefWilmington Trust to pay $1.3M over fiduciary duty lapses
Wilmington Trust Investment Management agreed to pay more than $1.3 million to settle charges by the Securities and Exchange Commission it failed to disclose conflicts of interest and breached its fiduciary duty to clients.
-
News Brief
Bruderman Asset Management dinged $250K by SEC over disclosure lapses
The Securities and Exchange Commission ordered New York-based investment adviser Bruderman Asset Management and its principal to pay a total of $250,000 over their alleged failure to disclose misuse of profits raised from clients.
More from Regulatory Enforcement
-
News BriefDOJ sues Uber over alleged discrimination against disabled riders
The DOJ sued Uber Thursday, alleging it violated the Americans with Disabilities Act (ADA) by denying people with disabilities equal access to its services.
-
ArticleEU targets crypto, fintech firms in push to tackle money laundering
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.
-
ArticleCalifornia, Colorado, and Connecticut launch joint crackdown on privacy violators
California, Colorado, and Connecticut launched a joint enforcement sweep against businesses that fail to honor consumers’ online opt-out requests, the states announced Tuesday.