Defendant Name:
Securities America Advisors, 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 Securities America Advisors, Inc.
First Document Date
30-Jun-2021
Initial Filing Format
Administrative Action
File Number
3-20381
Allegation Type
Investment Advisers/Investment Companies
Violations Alleged
•
Section 206(4) Advisers Act; Rule 206(4)-7 Advisers Act
Resolutions
First Resolution Date
30-Jun-2021
Headline Total Penalty and Disgorgement
$1,750,000
Related Documents:
IA-5762
30-Jun-2021
Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to 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 June 30, 2021, the SEC instituted settled cease-and-desist proceedings against Securities America Advisors, Inc. stating: "This matter concerns SAA’s failure to implement policies and procedures reasonably designed to prevent the misappropriation of funds from investment advisory client accounts."
SEC Charges Investment Adviser for Failure to Implement Reasonably Designed Policies and Procedures to Protect Client Assets
The SEC "announced charges against Securities America, Inc. ("SAA"),a Nebraska-based investment adviser, for failing to implement policies and procedures reasonably designed to protect the misappropriation of advisory client assets, which resulted in the misappropriation of millions of dollars from SAA's clients' advisory accounts."
34-93375
18-Oct-2021
Administrative Proceeding
Order Appointing Tax Administrator
The Commission ordered that: "Miller Kaplan . . . is appointed the Tax Administrator for the QSF in the above-referenced proceeding."
34-93373
18-Oct-2021
Administrative Proceeding
Extension Order
34-94995
26-May-2022
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 to the Commission a proposed plan of distribution (the “Proposed Plan”) for the distribution of monies paid in the above-captioned matter."
Proposed Plan of Distribution
The Commission stated: "The Division of Enforcement submits this Proposed Plan of Distribution (the "Plan") to the United States Securities and Exchange Commission (the "Commission") . . . . This Plan provides for the distribution of a Fair Fund (the "Fair Fund") comprised of civil money penalties paid by Securities America Advisors, Inc. (the "Respondent") in the above-captioned matter."
34-95311
18-Jul-2022
Administrative Proceeding
Order Extending Time to Enter an Order Approving or Disapproving Plan of Distribution
The Commission ordered that: "In the Matter of Securities America Advisors, Inc."
34-96379
22-Nov-2022
Administrative Proceeding
Notice of Amended Proposed Plan of Distribution and Opportunity for Comment
The Commission stated: "Notice is hereby given . . . that, in response to comments received on the proposed plan of distribution (“Proposed Plan”), published on May 26, 2022,1 the Division of Enforcement (“Division”) has submitted to the Commission an amended proposed plan of distribution (the “Amended Proposed Plan”) for the distribution of monies paid in the above-captioned matter."
Amended Proposed Plan of Distribution
The Commission stated: "The Division of Enforcement submits this Amended Proposed Plan of Distribution (the “Plan”) . . . This Plan provides for the distribution of a Fair Fund (the “Fair Fund”) comprised of civil money penalties paid by Securities America Advisors, Inc. (the “Respondent”) in the above-captioned matter."
34-96738
23-Jan-2023
Administrative Proceeding
Order Approving Amended Plan of Distribution
The Commission ordered that: "the Amended Proposed Plan is approved, and the approved Amended Plan of Distribution shall be posted simultaneously with this order on the Commission’s website at www.sec.gov."
34-98041
02-Aug-2023
Administrative Proceeding
Order Directing Disbursement of Fair Fund
The Commission ordered that: "the Commission staff shall direct the payment of $744,695.00 from the Fair Fund for distribution by the Fund Administrator to Payees in accordance with the Plan."
