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.
"Im glad to see that from a regulatory perspective, we're going to get the ability to show we're responsible [...] we'll have a little bit more freedom to innovate," Farther co-founder Brad Genser told InvestmentNews.
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.
Taking a systematic approach to three key practice areas can help advisors gain confidence, get back time, and increase their opportunities.
Meanwhile, Osaic lures a high-net-worth advisor from Commonwealth in the Pacific Northwest.
The deals, which include its first stake in Ohio, push the national women-led firm up to $47 billion in assets.
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.