The SEC says Western International Securities failed to act in the best interest of customers when the firm allegedly sold them more than $13 million in unrated, high-risk L bonds.
In addition to a monetary settlement, three Charles Schwab investment adviser subsidiaries have agreed to retain an independent consultant to review their policies and procedures relating to their robo-adviser’s disclosures, advertising and marketing practices.
While a court has ruled the plan’s advisers should be carved out of the litigation, the counts against Home Depot fiduciaries will proceed.
Echoing claims in an earlier suit filed by SEI, Arcesium is accusing SS&C Advent of abusive and anti-competitive licensing practices.
The complaint alleging abusive licensing practices was filed under seal in the U.S. District Court for the Eastern District of Pennsylvania and has only just been made public.
More important than the fact that individual brokers or executives are being punished is the recognition that retirement plans and large institutional investors are routinely subject to fraud schemes.