Defendant Name:
Royal Alliance Associates, Inc.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
American International Group, Inc.
SIC Code:
6331
CUSIP:
02687478
Document Reference:
34-59830
Document Details
Legal Case Name
In the Matter of Royal Alliance Associates, Inc.
Document Name
Order Instituting Administrative Proceedings, Making Findings, and Imposing Remedial Sanctions Pursuant to Section 15(b)(4) of the Securities Exchange Act of 1934
Document Date
28-Apr-2009
Document Format
Administrative Proceeding
Allegation Type
Broker Dealer
Document Summary
On April 28, 2009, the SEC instituted settled administrative proceedings against Royal Alliance Associates, Inc. The SEC stated: "Respondent failed reasonably to supervise David L. McMillan
(“McMillan”) with a view to preventing and detecting his violations of the federal
securities laws during the period January 1999-December 2004. During at least this time
period, McMillan operated a Ponzi scheme and defrauded at least 28 investors by lying
about purchases and sales of securities, by misappropriating funds for his personal use,
and by sending certain investors falsified statements relating to their investment accounts."
Disgorgement & Penalty Information
Resolutions
Censured
Compliance Related Independent Consultant
Other Compliance Related Undertaking
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Disgorgement
Individual:
$1.00
Shared:
Civil Penalty
Individual:
$500,000.00
Shared:
