Defendant Name: Royal Alliance Associates, Inc.

Defendant Type: Subsidiary of Public Company
Public Company Parent: American International Group, Inc.
SIC Code: 6331
CUSIP: 02687478

Initial Case Details

Legal Case Name In the Matter of Royal Alliance Associates, Inc.
First Document Date 28-Apr-2009
Initial Filing Format Administrative Action
File Number 3-13456
Allegation Type Broker Dealer

Violations Alleged

Other
• Failure to supervise under Section 15(b)(4)(E) Exchange Act

Resolutions

First Resolution Date 28-Apr-2009

Related Documents:

34-59830 28-Apr-2009 Administrative Proceeding
Order Instituting Administrative Proceedings, Making Findings, and Imposing Remedial Sanctions Pursuant to Section 15(b)(4) of the Securities Exchange Act of 1934
On April 28, 2009, the SEC instituted settled administrative proceedings against Royal Alliance Associates, Inc. The SEC stated: "Respondent failed reasonably to supervise David L. McMillan (“McMillan”) with a view to preventing and detecting his violations of the federal securities laws during the period January 1999-December 2004. During at least this time period, McMillan operated a Ponzi scheme and defrauded at least 28 investors by lying about purchases and sales of securities, by misappropriating funds for his personal use, and by sending certain investors falsified statements relating to their investment accounts."

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SEC v. David L. McMillan
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In the Matter of Brad E. Parish
Brad E. Parish