Defendant Name: First Republic Investment Management, Inc.

Defendant Type: Subsidiary of Public Company
Public Company Parent: First Republic Bank
SIC Code: 6029
CUSIP: 33616C10

Initial Case Details

Legal Case Name In the Matter of First Republic Investment Management, Inc.
First Document Date 19-May-2022
Initial Filing Format Administrative Action
File Number 3-20865
Allegation Type Investment Advisers/Investment Companies

Violations Alleged

Other
• Sections 206(2), 206(4), Rule 206(4)-7 Investment Advisers Act

Resolutions

First Resolution Date 19-May-2022
Headline Total Penalty and Disgorgement $1,825,953

Related Documents:

IA-6030 19-May-2022 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 May 19, 2022, the SEC instituted settled administrative and cease-and-desist proceedings against First Republic Investment Management, Inc. stating: "These proceedings arise out of breaches of fiduciary duties by registered investment adviser FRIM in connection with its affiliated broker's receipt of third-party compensation from advisory client investments without fully and fairly disclosing its conflicts of interest."
ia-6030-s 19-May-2022 Administrative Summary
SEC Charges Investment Adviser and Orders It to Pay Over $1.8 Million and Return Funds to Clients Harmed by Undisclosed Conflicts
The SEC "announced settled charges against registered investment adviser First Republic Investment Management, Inc. (FRIM) for breaches of fiduciary duty in connection with its affiliated broker's receipt of third-party compensation from advisory client investments without fully and fairly disclosing its conflicts of interest."