Defendant Name:
First Republic Investment Management, Inc.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
First Republic Bank
SIC Code:
6022
CUSIP:
33616C10
Document Reference:
IA-5192
Document Details
Legal Case Name
In the Matter of First Republic Investment Management, 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
11-Mar-2019
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
On March 11, 2019, the SEC issued an order against First Republic Investment Management, Inc., stating: "These proceedings arise out of breaches of fiduciary duty and inadequate disclosures by registered investment adviser First Republic Investment Management, Inc. in connection with its mutual fund share class selection practices and the fees it and/or its affiliated broker received pursuant to Rule 12b-1 under the Investment Company Act of 1940 ("12b-1 fees")."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Other Compliance Related Undertaking
"Respondent shall deposit the full amount of the disgorgement and prejudgment interest (the “Distribution Fund”) into an escrow account [...] Respondent shall be responsible for administering the Distribution Fund"
Self Reporting to SEC
Monetary Penalties:
Disgorgement
Individual:
$924,661.43
Shared:
Pre-Judgment Interest
Individual:
$80,532.82
Shared:
Total Penalty
Individual:
$1,005,194.25
Shared:
