Defendant Name: KMS Financial Services, Inc.

Defendant Type: Subsidiary of Public Company
Public Company Parent: Ladenburg Thalmann Financial Services Inc.
SIC Code: 6211
CUSIP: 50575Q10

Initial Case Details

Legal Case Name In the Matter of KMS Financial Services, Inc.
First Document Date 19-Jul-2017
Initial Filing Format Administrative Action
File Number 3-18068
Allegation Type Investment Advisers/Investment Companies

Violations Alleged

Sections 206(2), 206(4), 207 Advisers Act; Rule 206(4)-7 Advisers Act


First Resolution Date 19-Jul-2017
Headline Total Penalty and Disgorgement

See Related Documents

Related Documents:

34-81169 19-Jul-2017 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Section 15(b) of the Securities Exchange Act of 1934 and Sections 203(e) and 203(k) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
According to the SEC: "This matter concerns KMS, a dually-registered investment adviser and broker dealer that failed, in its capacity as an investment adviser, to disclose to its advisory clients compensation it received from a third party broker-dealer ("Clearing Broker") for certain investments KMS selected for its advisory clients. "
34-81169-s 19-Jul-2017 Administrative Summary
SEC Charges Investment Adviser for Failing to Disclose Conflict of Interest Arising from Revenue Sharing Arrangement and Failure to Seek Best Execution
According to the SEC: "The Securities and Exchange Commission today announced that Seattle, Washington-based KMS Financial Services, Inc. agreed to settle charges that it failed to disclose to its advisory clients that it received revenue from a third-party broker-dealer and the resulting conflict of interest, and that it failed to seek best execution for advisory clients."