The SEC has sanctioned three investment advisory firms and their officers for repeatedly ignoring problems with their compliance programs, the agency announced last week.
Andrew Bowden, director of the SEC’s National Exam Program, stated: “After SEC examiners identified significant deficiencies, the three firms did little or nothing to address them by the next examination. Firms must fix deficiencies identified by our examiners.”
The firms will pay financial penalties and will hire compliance consultants to fix the problems. The firms had been warned, but failed to fix the problems according to Bowden.