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
File Number 3-20865
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
Other Specified Undertakings
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:    

Related Documents:

ia-6030-s 19-May-2022 Administrative Summary
SEC Charges Investment Adviser and Orders It to Pay Over $1.8 Million and Return Funds to Clients Harmed by Undisclosed Conflicts
The SEC "announced settled charges against registered investment adviser First Republic Investment Management, Inc. (FRIM) for breaches of fiduciary duty 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."