Defendant Name:
Royal Alliance Associates, Inc.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
American International Group, Inc.
SIC Code:
6331
CUSIP:
02687410
Initial Case Details
Legal Case Name
In the Matter of J. Michael Scarborough and Royal Alliance Associates, Inc.
First Document Date
08-Jul-2004
Initial Filing Format
Administrative Action
File Number
3-11538
Allegation Type
Broker Dealer
Violations Alleged
•
Failed to reasonably supervise Scarborough within the meaning of Section 15(b)(4) of the Exchange Act
Resolutions
First Resolution Date
08-Jul-2004
Headline Total Penalty and Disgorgement
$2,311,085
Related Documents:
33-8438
08-Jul-2004
Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order Pursuant to Section 8A of the Securities Act of 1933 and Section 15(b) of the Securities Exchange Act of 1934
On July 8, 2004, the SEC instituted settled administrative and cease-and-desist proceedings against J. Michael Scarborough and Royal Alliance Associates, Inc. According to the SEC: "This matter involves violations of the federal securities laws by Scarborough in connection with the offer and sale of Class B shares issued by mutual funds, as well as supervisory failures by Scarborough and Royal Alliance."
34-59368
06-Feb-2009
Administrative Proceeding
Notice of Proposed Plan of Distribution and Opportunity for Comment
The Commission stated: "Notice is hereby given . . . that the Division of Enforcement has submitted a proposed plan for the distribution of the Fair Fund in this matter."
Proposed Plan of Distribution
The Commission stated: "This Proposed Plan of Distribution . . . provides for the distribution of disgorgement, prejudgment interest, and civil monetary penalties provided for in the Order to those customers of Royal Alliance who would have paid lower commissions and fees and enjoyed higher overall returns but for the conduct described in the Order."
34-59930
15-May-2009
Administrative Proceeding
Order Approving Plan of Distribution
The SEC ordered: "that the Distribution Plan is
approved . . . [and] that David S. Horowitz is appointed as the
Fund Administrator in accordance with the terms of the Distribution Plan and that . . . no bond is required since the Fund Administrator is a
Commission employee."
34-62210
02-Jun-2010
Administrative Proceeding
Order Directing Disbursement of Fair Fund
On June 2, 2010, the SEC ordered that "the Commission staff shall disburse the Fair Fund in the amount stated in the validated electronic payment file of $2,324,199.06, as provided for in the Distribution Plan."
34-67002
16-May-2012
Administrative Proceeding
Order Directing Disbursement of Fair Fund
On May 16, 2012, the SEC ordered that "the Commission staff shall disburse $6,912.82 from the Fair Fund to the payee identified in the validated payment file, pursuant to the Distribution Plan."
Notice of Name Change of Appointed Tax Administrator
On June 30, 2017, the SEC announced a Name Change of Appointed Tax Administrator, and amended the Omnibus Order, beginning June 2017 and for calendar year 2018, to replace all references to Damasco with "Miller Kaplan Arase LLP which acquired Damasco & Associates LLP" in order to reflect Damasco's name change.
34-81513
31-Aug-2017
Administrative Proceeding
Order Authorizing the Transfer to the U.S. Treasury of the Remaining Funds and Any Funds Returned to the Fair Fund in the Future, Discharging the Fund Administrator, and Terminating the Fair Fund
The Commission stated: "A. The remaining Fair Fund balance of $70,626.52, and any funds returned to the Fair Fund in the future, shall be transferred to the U.S. Treasury; B. The Fund Administrator, David S. Horowitz, is discharged; and C. The Fair Fund is terminated."
Other Defendants in Action:
