Defendant Name:
KMS Financial Services, Inc.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Ladenburg Thalmann Financial Services Inc.
SIC Code:
6211
CUSIP:
50575Q10
Document Reference:
34-81169
Document Details
Legal Case Name
In the Matter of KMS Financial Services, Inc.
Document Name
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Section 15(b) of the Securities Exchange Act of 1934 and 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
Document Date
19-Jul-2017
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
According to the SEC: "This matter concerns KMS, a dually-registered investment adviser and broker dealer that failed, in its capacity as an investment adviser, to disclose to its advisory clients compensation it received from a third party broker-dealer ("Clearing Broker") for certain investments KMS selected for its advisory clients. "
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Other Compliance Related Undertaking
Notice to Advisory Clients; Certification of Compliance
Monetary Penalties:
Disgorgement
Individual:
$382,568.64
Shared:
Civil Penalty
Individual:
$100,000.00
Shared:
Pre-Judgment Interest
Individual:
$69,518.43
Shared:
