Toews fined $150K over proxy voting violations
By 
Adrianne Appel2022-09-21T20:08:00
Investment adviser Toews Corp. agreed to pay $150,000 as part of a settlement with the Securities and Exchange Commission (SEC) over proxy voting rule violations that prompted two commissioners to issue a dissenting statement.
Toews, based in New Jersey, hired a third party to cast proxy votes on behalf of the registered investment companies (RICs) it managed, but it did not review whether the votes were cast in those clients’ best interests, the SEC alleged in its order filed Tuesday.
The company also didn’t put in place policies and procedures to ensure the votes cast were in clients’ best interests, the SEC said.
Related articles
-
News BriefDOJ clears $4.4 Billion T‑Mobile acquisition of UScellular
The U.S. Department of Justice arppoved T-Mobile’s acquisition of competitor UScellular. The move came a day after T-Mobile announced it had dropped its diversity, equity, and inclusion programs, a frequent target for Trump’s administration.
-
News BriefFlorida alleges that Robinhood Crypto’s fee disclosures are inaccurate
The state of Florida is investigating Robinhood Crypto for falsely claiming it charges the lowest fees for processing crypto transactions.
-
ArticleU.S. tariffs and compliance: what U.K. and EU companies need to consider
Tariff risk has probably rarely featured on many companies’ risk registers in recent years, but it now likely sits high on the agenda because of President Donald Trump’s tariff focus.
More from Regulatory Enforcement
-
News BriefCVS hit with nearly $1 billion fine in Omnicare false claims verdict
CVS has vowed to appeal $948.8 million in fines and damages imposed by a judge Tuesday on its Omnicare unit, for billing Medicare for tens of thousands of false claims.
-
PremiumIn 17 years, Discover Financial never managed to clean up a billion dollar mess
Federal banking regulators have laid the blame for Discover Financial Services charging merchants $1 billion in excessive credit card fees over 17 years squarely at the feet of company executives.
-
News BriefCFPB drops $95M enforcement action against Navy Federal, without explanation
The Consumer Financial Protection Bureau has dropped a $95 million enforcement action against Navy Federal Credit Union, the latest regulatory pullback by the agency under President Donald Trump.