Mortgage industry adviser fined $100K over long-running compliance lapses
By 
Jeff Dale2023-09-12T20:28:00
A New York-based investment adviser agreed to pay $100,000 to settle allegations levied by the Securities and Exchange Commission (SEC) it failed to adopt and implement written compliance policies and procedures, conduct annual reviews, and establish and enforce a code of ethics.
Mortgage Industry Advisory Corp. (MIAC) also agreed to cease and desist from further violations and a censure in reaching settlement, the SEC announced in an administrative proceeding Monday.
In 2006, MIAC received a notice from the SEC’s Division of Examinations regarding alleged deficiencies in its employee handbook. The guidance was “primarily geared to internal human resources policies” and was not designed to prevent employees from violating federal securities laws, the SEC’s order stated.
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