Defendant Name:
BMO Harris Financial Advisors, Inc.
Defendant Type:
Subsidiary of Public Company
Document Reference:
2019-199
Document Details
Legal Case Name
In the Matter of BMO Harris Financial Advisors, Inc. and BMO Asset Management Corp.
Document Name
Two BMO Advisory Firms Pay Over $37 Million to Harmed Clients for Failing to Disclose Conflicts of Interest
Document Date
27-Sep-2019
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
The SEC stated that: "two BMO
advisers have agreed to pay over $37 million to settle charges regarding their failure to tell clients about certain
aspects of how the advisers selected investments in their retail investment advisory program, known as the
Managed Asset Allocation Program (MAAP), which included the selection of more expensive investments from
which BMO advisers profited."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Monetary Penalties:
Disgorgement
(Penalty was noted in document, but no amount was listed)
Civil Penalty
Individual:
Shared:
$8,250,000.00
Shared with: BMO Asset Management Corp.
Pre-Judgment Interest
(Penalty was noted in document, but no amount was listed)
Other Defendants in Action:
