Defendant Name:
AssetMark, Inc. (f/k/a Genworth Financial Wealth Management, Inc.)
Defendant Type:
Subsidiary of Public Company
Document Reference:
2023-199
Document Details
Legal Case Name
In the Matter of AssetMark, Inc.
Document Name
SEC Charges California Advisory Firm AssetMark for Failing to Disclose Multiple Financial Conflicts
Document Date
26-Sep-2023
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
On September 26, 2023, the SEC "announced that Concord, California-based registered investment adviser AssetMark Inc. has agreed to pay more than $18 million to settle charges related to undisclosed conflicts of interest involving a cash sweep program operated by its affiliated custodian and its receipt of millions of dollars in revenue sharing payments from third-party custodians."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Other Compliance Related Undertaking
Monetary Penalties:
Disgorgement
Individual:
$8,500,000.00
Shared:
Civil Penalty
Individual:
$9,500,000.00
Shared:
Pre-Judgment Interest
(Penalty was noted in document, but no amount was listed)
Total Penalty
Individual:
$18,000,000.00
Shared: