Defendant Name:
Securities America Advisors, Inc.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Ladenburg Thalmann Financial Services Inc.
SIC Code:
6211
CUSIP:
50575Q10
Document Reference:
IA-4876
Document Details
Legal Case Name
In the Matter of Securities America Advisors, Inc.
Document Name
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
Document Date
06-Apr-2018
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
The SEC stated that: "These proceedings arise out of breaches of fiduciary duty, inadequate disclosures, and deficiencies in compliance policies and procedures by registered investment adviser SAA in connection with its mutual fund share class selection practices. From at least February 1, 2012 to December 31, 2016 (the "Relevant Period"), SAA invested advisory clients in mutual fund share classes that charged 12b-1 fees instead of less expensive share classes of the same funds that were available without 12b-1 fees."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Fair Funds
Monetary Penalties:
Disgorgement
Individual:
$4,473,025.50
Shared:
Civil Penalty
Individual:
$775,000.00
Shared:
Pre-Judgment Interest
Individual:
$580,423.14
Shared:
Total Penalty
Individual:
$5,828,448.64
Shared:
