- Topics
- Training
Enhance your AML due diligence
This two-day, six-hour workshop will cover the processes used by criminals to hide the proceeds of their misconduct and the role various institutions play in detecting and eradicating the activity before it creates significant legal, financial, and reputational costs.
Register Learn more
- Events
Back in person: Compliance Week Europe
Now in its 10th year, Compliance Week Europe is created for compliance, risk, and ethics officers to come together for two days dedicated to the sharing of knowledge and experiences from an international perspective.
REGISTER
- Webcasts
Earn CPE credit with Compliance Week
Compliance Week is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors.
Webcast Library
- Resource Library
- Special Reports
- Membership
Learn from the latest headlines and protect your company today
- Boeing fined $200M for material misstatements on fatal plane crashes
- Ireland interpretations of GDPR criticized again in Instagram case
- Experts: Where to start on your ESG journey
- Survey: Performance incentives drive general counsel compensation rise
Individual Corporate
Close menu
- Home
-
Topics
- Back to parent navigation item
- Topics
- Accounting & Auditing
- AML
- Anti-Bribery
- Anti-Corruption
- Boards & Shareholders
- Cybersecurity
- Data Privacy
- ESG/Social Responsibility
- Ethics & Culture
- Europe
- Financial Services
- GRC Appointments
- Internal Controls
- Regulatory Enforcement
- Regulatory Policy
- Risk Management
- Sanctions
- Surveys & Benchmarking
- Supply Chain
- Technology
- Third Party Risk
- Whistleblowers
- Compensation
- GDPR
- Internal Investigations
- Opinion
- Training
- Culture
- GRC Announcements
- My Compliance Library
- Ask Amii Mailbag
- Nailed It or Failed It
- Risk and Regulatory Compliance
- Accounting and Audit
- Training
- Events
- Webcasts
- Resource Library
- Special Reports
- Membership
Court orders $2M from Ambassador Advisors and execs, including CCO
By Adrianne Appel2022-09-12T19:51:00
Ambassador Advisors and three of its executives, including its chief compliance officer, must pay a total of more than $2 million for failing to disclose conflicts of interest related to fees received from mutual fund share classes selected for clients.
The U.S. District Court for the Eastern District of Pennsylvania on Sept. 7 entered final judgment against the investment adviser and its principals. Bernard Bostwick, Robert Kauffman, and Adrian Young—all part owners, executives, and investment adviser representatives of the firm—selected mutual funds for their clients that delivered fees for their benefit rather than choosing identical share-fund classes that had no or lower fees, the court found.
Young is chief compliance officer at Ambassador, which is based in Pennsylvania and describes itself as guided by Christian principles.
THIS IS MEMBERS-ONLY CONTENT
Already a Member? SIGN IN here. If you’re not, click HERE for more information on our 30-day free trials and why you’re not able to view this story.