Defendant Name:
Woodbury Financial Services, Inc.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
American International Group, Inc.
SIC Code:
6399
CUSIP:
02687478
Document Reference:
IA-5174
Document Details
Legal Case Name
In the Matter of Woodbury Financial Services, 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
11-Mar-2019
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
On March 11, 2019, the SEC instituted settled administrative and cease-and-desist proceedings against Woodbury Financial Services, Inc., stating: "These proceedings arise out of breaches of fiduciary duty and inadequate disclosures by registered investment adviser Woodbury Financial Services, Inc. in connection with its mutual fund share class selection practices and the fees it and its associated persons received pursuant to Rule 12b-1 under the Investment Company Act of 1940 ("12b-1 fees")."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Other Compliance Related Undertaking
The Commission ordered that: "Within ten (10) days of the entry of this Order, Respondent shall deposit the full amount of the disgorgement and prejudgment interest (the “Distribution Fund”) into an escrow account at a financial institution not unacceptable to the Commission staff and Respondent shall provide evidence of such deposit in a form acceptable to the Commission staff."
Self Reporting to SEC
Monetary Penalties:
Disgorgement
Individual:
$1,028,218.50
Shared:
Pre-Judgment Interest
Individual:
$142,809.81
Shared:
Total Penalty
Individual:
$1,171,028.31
Shared:
