- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2022-08-12T18:26:00
The Securities and Exchange Commission (SEC) settled charges against a Florida-based investment adviser and its former representative Wednesday relating to a multiyear “cherry-picking” scheme.
IFP Advisors and its former investment adviser representative, Richard Keith Robertson of California, agreed to settle charges for the “fraudulent practice of preferentially allocating profitable trades or failing to allocate unprofitable trades to an adviser’s personal accounts at the expense of the adviser’s client accounts,” according to an SEC administrative proceeding.
IFP was fined $400,000, censured, and must retain an independent compliance consultant to review its policies and procedures regarding trade allocation, monitoring, and recordkeeping. The firm did not admit nor deny the agency’s findings.
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Nine investment advisers failed to follow Securities and Exchange Commission rules designed to keep clients’ assets safe and/or timely disclose financial updates following audits, the agency announced.
Atmos Energy Corporation announced that Jessica Bateman Pulliam has been appointed to the position of senior vice president, general counsel and corporate secretary, effective Jan. 1.
Healthcare Realty Trust Incorporated announced that Andrew Loope, senior vice president, corporate counsel and secretary, will be promoted to executive vice president, general counsel, and secretary.
A lack of supervision and internal controls at Morgan Stanley Smith Barney allowed four of its investment advisers to steal millions from customers before the behavior was detected, the SEC said in charging the firm.
A subsidiary of McKinsey & Co. will pay nearly $123 million to the Department of Justice to settle allegations that it bribed officials in South Africa to win consulting contracts.
A defamation lawsuit filed by a whistleblower against USAA, which a Florida judge recently dismissed on a technicality, revealed in public court records an estimated 400,000 violations of the Military Lending Act by USAA Federal Savings Bank (USAA Bank), an indirect wholly owned subsidiary of USAA.
