Defendant Name: Northwest Advisors, Inc.

Defendant Type: Subsidiary of Public Company
Public Company Parent: Northwest Bancshares, Inc.
SIC Code: 6036
CUSIP: 66734010

Initial Case Details

Legal Case Name In the Matter of Northwest Advisors, Inc.
First Document Date 24-Aug-2021
Initial Filing Format Administrative Action
File Number 3-20469
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 24-Aug-2021
Headline Total Penalty and Disgorgement $1,147,500

Related Documents:

IA-5830 24-Aug-2021 Administrative Proceeding
Order Instituting Administrative 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 August 24, 2021, the SEC instituted settled administrative and cease-and-desist proceedings against Northwest Advisors, Inc. stating: "These proceedings arise out of breaches of fiduciary duty by NWA, a registered investment adviser, in connection with its mutual fund share class selection practices and the excess fees paid by NWA’s advisory clients in its wrap fee program, including fees charged pursuant to Rule 12b-1 under the Investment Company Act of 1940"
IA-5830-s 24-Aug-2021 Administrative Summary
SEC Orders Former Investment Adviser to Return Over $900,000 to Clients Harmed by Share Class Selection Disclosure Violations
The SEC " announced that formerly registered investment adviser Northwest Advisors, Inc. has agreed to pay approximately $1.15 million to settle charges that it invested clients in more expensive mutual fund share classes, which provided the firm with financial benefits, without disclosing this conflict to clients. The settlement includes a distribution to harmed investors."