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Red Oak Blog

News that affects your business and ours.
AML Officer and CEO Fined for AML Violations Last month, the SEC instituted cease and desist proceedings against an AML Officer and CEO of a New York-based investment adviser and broker-dealer due to violations of the Securities Exchange Act of 1934, [...] Read more
SEC Institutes a Public Administrative Proceeding for Failure to Supervise An important part of the implementation of any compliance program is the supervision of the firm’s employees and associated persons. A firm’s compliance manual should address policies and procedures that have been developed [...] Read more
April 7 2018
SEC Orders Three Investment Advisers to Pay $12 Million to Harmed Clients Today the SEC announced that three advisers have settled charges for breaching fiduciary duties. Per the SEC, PNC Investments LLC, Securities America Advisors Inc., and Geneos Wealth Management Inc. failed to disclose conflicts [...] Read more
SEC’s Cherry-Picking Initiative Nets 715K from Austin-Based Adviser The SEC’s enforcement initiative against “cherry-picking” has reached Austin, Texas. In its fourth such action since launching the data-drive initiative in 2015, the SEC has charged Robert Magee, the sole owner and employee [...] Read more
Due Diligence In 13 years acting as an auditor in the securities regulation industry it was surprising to find out how few in the industry conducted, and documented, due diligence of the products being purchased [...] Read more