Defendant Name:
1St Global Advisors, Inc., Now Known as Avantax Advisory Services, Inc.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Blucora, Inc.
SIC Code:
7373
CUSIP:
09522910
Document Reference:
IA-5932
Document Details
Legal Case Name
In the Matter of 1st Global Advisors, Inc. now known as Avantax Advisory Services, Inc.
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
20-Dec-2021
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
On December 20, 2021, the SEC instituted settled administrative and cease-and-desist proceedings against 1st Global Advisors, Inc. stating: "These proceedings arise out of breaches of fiduciary duty by 1st Global, a
registered investment adviser, in connection with its affiliated broker’s receipt of third-party
compensation for advisory client investments without fully and fairly disclosing its conflicts of
interest."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Various undertakings
Fair Funds
Monetary Penalties:
Disgorgement
Individual:
$12,349,153.11
Shared:
Civil Penalty
Individual:
$2,000,000.00
Shared:
Pre-Judgment Interest
Individual:
$2,524,000.00
Shared:
Total Penalty
Individual:
$16,873,153.11
Shared:
