Defendant Name:
Santos, Postal & Company, P.C.
Defendant Type:
Other
Document Reference:
34-77745
Document Details
Legal Case Name
In the Matter of Santos, Postal & Company, P.C. and Joseph A. Scolaro, CPA
Document Name
Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Section 4C of the Securities Exchange Act of 1934, Section 203(k) of the Investment Advisers Act of 1940, and Rule 102(e) of the Commission's Rules of Practice, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
Document Date
29-Apr-2016
Document Format
Administrative Proceeding
AAER
3772
Allegation Type
Investment Advisers/Investment Companies
Document Summary
On April 29, 2016, the SEC instituted settled cease-and-desist proceedings against Santos, Postal & Company, P.C. and Joseph A. Scolaro, CPA. The SEC stated: "This matter involves repeated failures by SPC, an accounting firm, and Joseph A. Scolaro, an SPC partner, in connection with SPC's examinations of client funds and securities of which a registered investment adviser has custody (the "Examinations") pursuant to Section 206(4) of the Advisers Act and Rule 206(4)-2 thereunder (the "Custody Rule"). In particular, Respondents engaged in improper professional conduct under Section 4C of the Exchange Act and Rule 102(e)(1)(ii) and (iii) of the Commission's Rules of Practice when completing their 2010 and 2011 Examinations. In addition, Respondents twice filed reports on Forms ADV-E that contained untrue statements of material facts regarding the Examinations, thereby violating Section 207 of the Advisers Act."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Barred from practicing before the Commission as an accountant for 1 year
Monetary Penalties:
Disgorgement
Individual:
$25,800.00
Shared:
Pre-Judgment Interest
Individual:
$3,276.76
Shared:
Other Defendants in Action:
