Defendant Name:
Hancock Whitney Investment Services, Inc.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Hancock Whitney Corporation
SIC Code:
6022
CUSIP:
41012010
Document Reference:
34-90004
Document Details
Legal Case Name
In the Matter of Hancock Whitney Investment Services, Inc.
Document Name
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 a Remedial Sanctions and a Cease-and-Desist Order
Document Date
25-Sep-2020
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
On September 25, 2020, the SEC instituted settled cease-and-desist proceedings against Hancock Whitney Investment Services, Inc. The Commission stated: "These proceedings arise out of breaches of fiduciary duty by HWIS, a dually-registered investment adviser and broker-dealer, in connection with its mutual fund share class selection practices that resulted in its receipt of three types of fees from its advisory clients’ investments at times from January 2014 through May 2017."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Other Compliance Related Undertaking
"Respondent shall deposit the full amount of the disgorgement, prejudgment interest, and civil penalty (the “Fair Fund”), into an escrow account . . . Respondent shall be responsible for administering the Fair Fund and may hire a professional to assist it in the administration of the distribution."
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Fair Funds
Monetary Penalties:
Disgorgement
Individual:
$1,651,686.29
Shared:
Civil Penalty
Individual:
$400,000.00
Shared:
Pre-Judgment Interest
Individual:
$286,105.79
Shared:
Total Penalty
Individual:
$2,337,792.08
Shared:
