Defendant Name: AssetMark, Inc. (f/k/a Genworth Financial Wealth Management, Inc.)

Defendant Type: Subsidiary of Public Company
Public Company Parent: AssetMark Financial Holdings, Inc.
SIC Code: 6282
CUSIP: 04546L10

Initial Case Details

Legal Case Name In the Matter of AssetMark, Inc.
First Document Date 26-Sep-2023
Initial Filing Format Administrative Action
File Number 3-21724
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 26-Sep-2023
Headline Total Penalty and Disgorgement $18,000,000

Related Documents:

IA-6434 26-Sep-2023 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 September 26, 2023, the SEC instituted settled administrative and cease-and-desist proceedings against AssetMark, Inc., stating: "These proceedings arise out of registered investment adviser AssetMark, Inc.’s (“AssetMark”) breaches of its fiduciary duty to advisory clients through its failure to adequately disclose its conflicts of interest involving a cash sweep program operated by an affiliated custodian and its receipt of payments from certain other custodians."
2023-199 26-Sep-2023 Press Release--Administrative Proceeding
SEC Charges California Advisory Firm AssetMark for Failing to Disclose Multiple Financial Conflicts
On September 26, 2023, the SEC "announced that Concord, California-based registered investment adviser AssetMark Inc. has agreed to pay more than $18 million to settle charges related to undisclosed conflicts of interest involving a cash sweep program operated by its affiliated custodian and its receipt of millions of dollars in revenue sharing payments from third-party custodians."