The Securities and Exchange Commission has charged Chicago-based Loop Capital Markets for providing advice to an unnamed Midwestern city without registering as a municipal adviser. The action marks the first time the SEC has charged a broker-dealer for violating the municipal adviser registration rule.
Without admitting or denying the findings, Loop agreed to be censured and to pay disgorgement of $5,456.73 as well as a civil penalty of $100,000.
According to the SEC’s order, between September 2017 and February 2019, Loop Capital advised the city to purchase particular fixed-income securities. The city paid for the securities with money it raised through its issuance of municipal bonds.
The Commission’s order found that Loop Capital did not maintain a system reasonably designed to supervise its municipal securities activities and had inadequate procedures, including insufficient methods to identify potential violations of the municipal adviser registration rules.
Elsewhere, Wells Fargo Advisors adds a $400 million Morgan Stanley veteran in Naples as an ex-Cetera advisor goes independent with LPL
According to a federal charges Bradley Heppner, 60, received more than $150 million in payments through funneling money from GWG Holdings to a shell company.
A $1B fund allegedly skimmed 30% off the top, then swapped cash for locked-up stock.
Insiders allegedly rewrote projections three times in four days.
TCI Wealth Advisors also has also tapped JIFFYAI to unify onboarding and servicing, while TradePMR adds ICE market data to its Fusion advisor platform
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