The Securities and Exchange Commission (SEC) today announced the specified charges against American Portfolios Advisors, Inc. (APA), a former registered investment consultant based in New York’s Holbrook, to fail the adequate disclosure of conflicts of interests, the spread of its customers and the former head of compliance, Colin Moors and former President Gordon.
The Securities and Exchange Commission also announced the fixed charges against the Moors and Gordon for their behavior.
According to the APA order, the consultant violated the duty of the trustee to some of his advisory clients, failing to fully and fairly reveal the nature and extent of the conflicts of interest associated with certain compensation paid to the APA -related Accounts, resulting in the additional cost of customers.
Specifically, the order notes that APA did not disclose that the linked remuneration notes for associates with mediators for various types of transactions and services remuneration and have misleading that the non -connected broker cleared the amounts of the remuneration charged to APA customers.
According to the order, the APA is also charged and raised consulting fees for alternative investment positions, although it is not supposed to be assumed that it is not supposed to be assumed that they will not be supposed to return a section of prepaid quarterly counseling fees when their clients were terminated.
In addition, the sec of the SEC finds that in response to a request for documents by the sec of the sec, the Moors also created the compliance documents for three calendar years predicted to mention the modern annual compliance reviews required by APA policies and procedures.
According to the order, the three documents were signed and reported by the Moors and Gordon and were given to the sec.
The SEC order to APA finds that APA deliberately violated sections 204 (A) and 206 (2) of the 1940 investment advisers law and Article 204-2 (A) (17) (II).
Without admitting or refusing the findings of the order, APA agreed with a ceasefire and rejection order, a $ 1,750,000 suspension and a civil penalty.
In separate orders against the Moors and Gordon, the Securities and Exchange Commission finds that they have been strengthened and caused the breach of Article 204 (a) of the Counselors’ Act and Article 204-2 (A) (17) (II). Without admitting or refusing the findings of the orders, each of which agreed to stop and sentenced to orders and complaints, the Moors agreed to a $ 10,000 civil penalty, and Gordon agreed to a $ 20,000 civil sentence.