Defendant Name:
AssetMark, Inc. (f/k/a Genworth Financial Wealth Management, Inc.)
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
AssetMark Financial Holdings, Inc.
SIC Code:
6282
CUSIP:
04546L10
Document Reference:
IA-6434
Document Details
Legal Case Name
In the Matter of AssetMark, 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
26-Sep-2023
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
On September 26, 2023, the SEC instituted settled administrative and cease-and-desist proceedings against AssetMark, Inc., stating: "These proceedings arise out of registered investment adviser AssetMark, Inc.’s
(“AssetMark”) breaches of its fiduciary duty to advisory clients through its failure to adequately
disclose its conflicts of interest involving a cash sweep program operated by an affiliated custodian
and its receipt of payments from certain other custodians."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Other Compliance Related Undertaking
Remedial Acts or Efforts Before the Resolution
Fair Funds
Monetary Penalties:
Disgorgement
Individual:
$6,779,138.34
Shared:
Civil Penalty
Individual:
$9,500,000.00
Shared:
Pre-Judgment Interest
Individual:
$2,047,571.23
Shared:
