The Securities and Exchange Commission has charged registered investment adviser Ambassador Advisors of Lancaster, Pa., and its principals with breaches of fiduciary duty arising out of their mutual fund share-class selection practices.
The SEC’s complaint alleges that, from August 2014 to December 2018, Ambassador and its principals — Bernard I. Bostwick, Robert E. Kauffman and Adrian E. Young — failed to adequately disclose conflicts of interest arising from their selection of mutual fund share classes that charged 12b-1 fees.
The SEC charges that the three opted for those funds instead of lower-cost share classes of the same funds. The three also were charged with breaching their duty to seek best execution by choosing those funds and for failing to adopt and implement written policies and procedures designed to prevent such violations.
The SEC is seeking permanent injunctions, disgorgement of ill-gotten gains, prejudgment interest and civil penalties.
Concerns about outliving savings and healthcare costs are reshaping how "Peak 65" Americans and advisors approach income planning.
Some investors recently have seen million dollar plus decisions by FINRA arbitration panels involving complex products decisions go their way.
Former advisor Isaiah Williams allegedly used the stolen funds from ex-Dolphins defensive safety Reshad Jones for numerous personal expenses, according to police and court records.
Modern Wealth's latest deal for a California-based fee-only RIA marks its fourth acquisition of 2025.
Sen. Warren has warned of private market investment risks due to opacity, illiquidity, and past regulatory issues.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
