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
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: