Defendant Name: BMO Asset Management Corp.

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
File Number 3-19545
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 Harris Financial Advisors Inc.

Pre-Judgment Interest

(Penalty was noted in document, but no amount was listed)

Related Documents:

34-87145 27-Sep-2019 Administrative Proceeding
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
On September 27, 2019, the SEC instituted settled administrative and cease and desist proceedings against BMO Harris Financial Advisors, Inc. ("BMO Harris Financial Advisors") and BMO Asset Management Corp. ("BMO Asset Mgmt"). The SEC stated: "These proceedings arise from two affiliated advisers, BMO Harris Financial Advisors and BMO Asset Mgmt, failing to disclose certain conflicts of interest concerning a retail investment advisory program, known as the Managed Asset Allocation Program (“MAAP”), they advised."

Other Defendants in Action: