Defendant Name:
First Western Capital Management Company
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
First Western Financial, Inc.
SIC Code:
9999
CUSIP:
33751L10
Document Reference:
IA-5543
Document Details
Legal Case Name
In the Matter of First Western Capital Management Company
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
16-Jul-2020
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
On July 16, 2020, the SEC instituted settled cease-and-desist proceedings against First Western Capital Management Company. The SEC stated: "From October 2010 through July 2017 (the "Relevant Period"), FWCM purchased for Advisory clients securities that were sold in reliance on Rule 144A under the Securities Act of 1933 ("Securities Act") without having adequate compliance policies and procedures and without providing investment adviser representatives ("IARs") training and supervision of Rule 144A securities. As a result, over a seven-year period, certain IARs purchased for 81 FWCM advisory clients a gross total of over $666 million worth of securities sold in reliance on Rule 144A when the clients were not qualified institutional buyers in a Rule 144A transaction."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Monetary Penalties:
Civil Penalty
Individual:
$200,000.00
Shared: