Investment adviser fined $50K for compliance lapses following founder/CCO’s death
By 
Aaron Nicodemus2023-03-14T20:22:00
A New York-based investment adviser will pay a $50,000 fine and be required to hire an independent compliance consultant for allegedly failing to implement compliance policies and procedures following the death of its founder and chief compliance officer.
E. Magnus Oppenheim & Co. (EMO) also failed to conduct best execution reviews for its advisory clients from 2019-21, the Securities and Exchange Commission (SEC) alleged Monday in its order. In settling, the firm agreed to be censured and cease and desist from future violations.
In June 2019, the firm’s namesake and founder died. E. Magnus Oppenheim had served as president, chief investment officer, and CCO.
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 BriefPIMCO to pay $9M in SEC disclosure, policy failure settlements
Pacific Investment Management Company agreed to pay a combined $9 million to resolve two separate actions brought by the Securities and Exchange Commission regarding alleged violations of the Advisers Act.
-
PremiumBest practices to ensure your firm’s compliance resiliency
What is compliance resiliency, and why is it crucial for your organization to have it? Recent enforcement examples demonstrate why mapping out a clear business continuity plan can help thwart a risky management reshuffle.
-
Article
Two Point Capital, CEO dinged $100K for compliance procedure lapses
Two Point Capital Management and its CEO John McGowan were fined a total of $100,000 by the Securities and Exchange Commission for failing to adopt and implement policies and procedures tailored to guide the firm’s compliance with federal securities law.
More from Regulatory Enforcement
-
News BriefFTC puts GM’s puts connected vehicle data practices under compliance spotlight
The U.S. Federal Trade Commission finalized its order against General Motors and its OnStar subsidiary over the improper usage of geolocation and driving behavior data of drivers.
-
ArticleKaiser plans pay $556M to settle Medicare upcoding allegations
Kaiser Health affiliates have agreed to pay more than $556 million to settle allegations originally made by whistleblowers that they ignored compliance department warnings and unlawfully reworked diagnoses for Medicare patients in order to receive higher payments from the federal government.
-
ArticleU.K. regulators move to curb AI nudification tools as scrutiny of Grok grows
The U.K. government’s spat with Big Tech owner Elon Musk over the more risque capabilities of X’s AI assistant Grok has exposed more cracks than the chatbot was ever meant to.