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.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
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
-
PremiumDelayed UK antitrust case underscores compliance, reputational risks
Antitrust infringement cases in the United Kingdom can run on for years, but there’s a question whether issuing fines that are dwarfed by the revenues of those organisations involved is a worthy deterrent—particularly if they are imposed over a decade after the misconduct ended. It’s also debatable whether the first ...
-
News BriefFTC sues Uber over deceptive subscriptions, a rare move for consumers by Trump officials
The Federal Trade Commission (FTC) filed a lawsuit against Uber, alleging the ride-hailing company signed customers up for its Uber One subscription without consent, then made it hard for them to cancel. The move marks the U.S. government’s latest broadside against big tech companies, and the first major action from ...
-
News BriefCFPB pullback signals further shift toward industry-friendly regulation
The U.S. Consumer Financial Protection Bureau continues to unravel amid pressure from Trump administration officials to shutter the agency. Not only has the agency informed its employees that it will no longer be a watchdog for the financial services industry, it has also laid off employees despite court orders blocking ...