Defendant Name: BMO Harris Financial Advisors, Inc.

Defendant Type: Subsidiary of Public Company
Public Company Parent: Bank of Montreal
SIC Code: 6021
CUSIP: 06367110

Initial Case Details

Legal Case Name In the Matter of BMO Harris Financial Advisors, Inc. and BMO Asset Management Corp.
First Document Date 27-Sep-2019
Initial Filing Format Administrative Action
File Number 3-19545
Allegation Type Investment Advisers/Investment Companies

Violations Alleged

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

Resolutions

First Resolution Date 27-Sep-2019
Headline Total Penalty and Disgorgement $37,983,542

Related Documents:

34-87145 27-Sep-2019 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 September 27, 2019, the SEC instituted settled administrative and cease and desist proceedings against BMO Harris Financial Advisors, Inc. ("BMO Harris Financial Advisors") and BMO Asset Management Corp. ("BMO Asset Mgmt"). The SEC stated: "These proceedings arise from two affiliated advisers, BMO Harris Financial Advisors and BMO Asset Mgmt, failing to disclose certain conflicts of interest concerning a retail investment advisory program, known as the Managed Asset Allocation Program (“MAAP”), they advised."
2019-199 27-Sep-2019 Press Release--Administrative Proceeding
Two BMO Advisory Firms Pay Over $37 Million to Harmed Clients for Failing to Disclose Conflicts of Interest
The SEC stated that: "two BMO advisers have agreed to pay over $37 million to settle charges regarding their failure to tell clients about certain aspects of how the advisers selected investments in their retail investment advisory program, known as the Managed Asset Allocation Program (MAAP), which included the selection of more expensive investments from which BMO advisers profited."

Other Defendants in Action:

BMO Asset Management Corp.