Defendant Name:
SFX Financial Advisory Management Enterprises, Inc.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Live Nation Entertainment, Inc.
SIC Code:
7922
CUSIP:
53803410
Document Reference:
IA-4116
Document Details
Legal Case Name
In the Matter of SFX Financial Advisory Management Enterprises, Inc. and Eugene S. Mason
Document Name
Order Instituting Administrative and Cease-and-Desist Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Sections 203(e), 203(f), and 203(k) of the Investment Advisers Act of 1940, making Findings, and imposing a Cease-and-Desist Order
Document Date
15-Jun-2015
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
On June 15, 2015, the SEC instituted settled administrative and cease-and-desist proceedings against SFX Financial Advisory Management Enterprises, Inc. ("SFX") and Eugene S. Mason. According to the SEC: "From 2006 through 2011, Brian Ourand ('Ourand'), while SFX's Vice President and President, misappropriated at least $670,000 in assets from three client accounts. During this time, SFX failed to supervise Ourand and also committed compliance failures. In particular, SFX failed to adopt policies and procedures reasonably designed to prevent the misappropriation of client assets, failed to implement the policies it did have, violated the custody rule, and falsely stated in its Form ADV that it reviewed client accounts used for bill-paying services. SFX also failed to conduct its annual compliance review in 2011. Mason, SFX's Chief Compliance Officer ('CCO'), caused SFX's failure to implement its compliance policies, conduct an annual review and is responsible for a material misstatement in a Form ADV filing."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Civil Penalty
Individual:
$150,000.00
Shared:
Other Defendants in Action:
