Defendant Name: First Republic Investment Management, Inc.

Defendant Type: Subsidiary of Public Company

Document Reference: ia-6030-s

Document Details

Legal Case Name In the Matter of First Republic Investment Management, Inc.
Document Name SEC Charges Investment Adviser and Orders It to Pay Over $1.8 Million and Return Funds to Clients Harmed by Undisclosed Conflicts
Document Date 19-May-2022
Document Format Administrative Proceeding
File Number 3-20865
Allegation Type Investment Advisers/Investment Companies
Document Summary 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."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Censured
The SEC stated: "FRIM has also agreed to distribute funds to harmed clients and comply with certain undertakings."
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 19-May-2022 Administrative Proceeding
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
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."