Defendant Name: PNC Investments LLC 

Defendant Type: Subsidiary of Public Company
Public Company Parent: The PNC Financial Services Group, Inc.
SIC Code: 6021
CUSIP: 69347510

Initial Case Details

Legal Case Name In the Matter of PNC Investments LLC
First Document Date 06-Apr-2018
Initial Filing Format Administrative Action
File Number 3-18426
Allegation Type Investment Advisers/Investment Companies

Violations Alleged

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

Resolutions

First Resolution Date 06-Apr-2018
Headline Total Penalty and Disgorgement $7,983,540

Related Documents:

34-83004 06-Apr-2018 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
On April 6, 2018, the SEC issued an order against PNC Investments LLC, stating: "These proceedings arise out of improper mutual fund share class selection and billing practices by PNCI, a registered investment adviser and broker-dealer."
2018-62_3-18426 06-Apr-2018 Press Release--Administrative Proceeding
SEC Orders Three Investment Advisers to Pay $12 Million to Harmed Clients
On April 6, 2018, the SEC issued a press release regarding charges against PNC Investments LLC, stating: "According to the SEC's orders, PNC Investments LLC, Securities America Advisors Inc., and Geneos Wealth Management Inc. failed to disclose conflicts of interest and violated their duty to seek best execution by investing advisory clients in higher-cost mutual fund shares when lower-cost shares of the same funds were available."