Defendant Name: 1St Global Advisors, Inc., Now Known as Avantax Advisory Services, Inc.

Defendant Type: Subsidiary of Public Company
Public Company Parent: Blucora, Inc.
SIC Code: 7373
CUSIP: 09522910

Initial Case Details

Legal Case Name In the Matter of 1st Global Advisors, Inc., now known as Avantax Advisory Services, Inc.
First Document Date 20-Dec-2021
Initial Filing Format Administrative Action
File Number 3-20685
Allegation Type Investment Advisers/Investment Companies

Violations Alleged

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

Resolutions

First Resolution Date 20-Dec-2021
Headline Total Penalty and Disgorgement $16,873,153

Related Documents:

IA-5932 20-Dec-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 December 20, 2021, the SEC instituted settled administrative and cease-and-desist proceedings against 1st Global Advisors, Inc. stating: "These proceedings arise out of breaches of fiduciary duty by 1st Global, a registered investment adviser, in connection with its affiliated broker’s receipt of third-party compensation for advisory client investments without fully and fairly disclosing its conflicts of interest."
IA-5932-s 20-Dec-2021 Administrative Summary
SEC Orders Investment Adviser to Pay Over $16 Million and Return Funds to Clients Harmed by Undisclosed Conflicts
The SEC "announced settled charges against 1st Global Advisors, Inc., a registered investment adviser based in Texas, for breaches of fiduciary duty in connection with advisory client mutual fund and money market investments that generated compensation for its affiliated broker."