SEC penalizes two RIAs $1 million over order flow payments
New Jersey-based WBI Investments and Millington Securities allegedly made misleading statements
WBI Investments and Millington Securities, affiliated registered investment advisers based in Red Bank, New Jersey, have settled with the Securities and Exchange Commission and agreed to pay $750,000 and $250,000, respectively, in penalties.
The SEC had charged the two firms with making material
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