Defendant Name:
AssetMark, Inc. (f/k/a Genworth Financial Wealth Management, Inc.)
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Genworth Financial, Inc.
SIC Code:
6311
CUSIP:
37247D10
Document Reference:
IA-4508
Document Details
Legal Case Name
In the Matter of AssetMark, Inc. (f/k/a Genworth Financial Wealth Management, Inc.)
Document Name
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 203(k) of the Investment Advisers Act of 1940, Making Findings, and Imposing a Cease-and-Desist Order
Document Date
25-Aug-2016
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
On August 15, 2016, the SEC instituted settled cease-and-desist proceedings against AssetMark, Inc. (f/k/a Genworth Financial Wealth Management, Inc.) ("AssetMark"). The SEC stated: "This matter arises from misstatements made by registered investment adviser AssetMark to certain of its advisory clients, including clients with separately managed accounts invested in a strategy offered by F-Squared Investments, Inc. (“F-Squared”). AssetMark made misstatements by negligently relying on F-Squared’s materially inflated, and hypothetical and back-tested, performance track record that F-Squared misrepresented."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Monetary Penalties:
Civil Penalty
Individual:
$500,000.00
Shared:
