Defendant Name:
First Republic Investment Management, Inc.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
First Republic Bank
SIC Code:
6029
CUSIP:
33616C10
Document Reference:
IA-6030
Document Details
Legal Case Name
In the Matter of First Republic Investment Management, 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
19-May-2022
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
On May 19, 2022, the SEC instituted settled administrative and cease-and-desist proceedings against First Republic Investment Management, Inc. stating: "These proceedings arise out of breaches of fiduciary duties by registered investment adviser FRIM in connection with its affiliated broker's receipt of third-party compensation from advisory client investments without fully and fairly disclosing its conflicts of interest."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Various undertakings: "Respondent shall notify affected investors (i.e., those former and current clients who were financially harmed by the practices detailed above (hereinafter, “affected investors”)) of the settlement terms of this Order by sending a copy of this Order to each affected investor via mail, email, or such other method not unacceptable to the Commission staff, together with a cover letter in a form not unacceptable to the Commission staff."
Remedial Acts or Efforts Before the Resolution
Fair Funds
Monetary Penalties:
Disgorgement
Individual:
$1,332,664.00
Shared:
Civil Penalty
Individual:
$250,000.00
Shared:
Pre-Judgment Interest
Individual:
$243,289.00
Shared:
