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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-06-16T17:51:00
Pacific Investment Management Company (PIMCO) agreed to pay a combined $9 million to resolve two separate actions brought by the Securities and Exchange Commission (SEC) regarding alleged violations of the Advisers Act.
PIMCO was fined $6.5 million in a case alleging disclosure violations, in addition to being assessed a $2.5 million penalty in a case alleging policy and procedure failures. The firm agreed to cease and desist and be censured in settling each action, said the SEC in a press release Friday.
In the disclosure case, the SEC alleged PIMCO inadequately disclosed paired interest rate swaps in its PIMCO Global StocksPLUS & Income Fund (PGP) portfolio “had become a material source of distributable income, which enabled PIMCO to maintain PGP’s dividend rate. The continued use of paired swaps also contributed to a decline in the net asset value of PGP.”
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News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
2023-07-17T17:54:00Z By Kyle Brasseur
Financial services firm Cantor Fitzgerald agreed to pay a $1.4 million penalty as part of a settlement with the Securities and Exchange Commission addressing alleged reporting failures.
2023-04-19T16:46:00Z By Jeff Dale
New York-based investment adviser Betterment agreed to pay $9 million to settle charges levied by the Securities and Exchange Commission over material misstatements and omissions related to its automated tax loss harvesting service.
2023-03-14T20:22:00Z By Aaron Nicodemus
E. Magnus Oppenheim & Co. must pay $50,000 and hire an independent compliance consultant to settle Securities and Exchange Commission charges of failing to implement compliance policies and procedures following the death of its founder and CCO.
2024-10-22T21:18:00Z By Adrianne Appel
Precision Toxicology has agreed to pay $27 million to settle allegations first brought by whistleblowers in three cases, that the company billed the federal government for unnecessary drug tests and paid kickbacks to doctors, the Department of Justice (DOJ) said.
2024-10-22T16:08:00Z By Aaron Nicodemus
Fund management company WisdomTree will pay $4 million to settle allegations by the Securities and Exchange Commission that it improperly invested in fossil fuel and tobacco companies in environmental, social and governance (ESG) funds despite promising to avoid them.
2024-10-18T18:10:00Z By Adrianne Appel
A Vietnamese alcohol company has agreed to pay $860,000 to settle allegations by the Office of Foreign Assets Control (OFAC) that its business with North Korea involved U.S. financial institutions.
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