Defendant Name:
Wilmington Trust Investment Management, LLC
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
M&T Bank Corporation
SIC Code:
6022
CUSIP:
55261F10
Document Reference:
IA-6455
Document Details
Legal Case Name
In the Matter of Wilmington Trust Investment Management, LLC
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
10-Oct-2023
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
On October 10, 2023, the SEC announced settled administrative and cease-and-desist proceedings against Wilmington Trust Investment Management, LLC after they "invested certain clients' assets in higher-cost mutual fund share classes than were otherwise available while failing to disclose the conflicts of interest associated with those investment recommendations."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Undertakings: "Within thirty (30) days of the entry of this Order, Respondent shall notify affected investors . . . of the settlement terms of this Order,"
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Disgorgement
Individual:
$999,559.00
Shared:
Civil Penalty
Individual:
$250,000.00
Shared:
Pre-Judgment Interest
Individual:
$77,588.00
Shared:
Total Penalty
Individual:
$1,327,147.00
Shared:
