FINRA Fines Ex-AIG Units Over Net Capital Accounting
Law360, New York (May 4, 2017, 8:13 PM EDT) -- The Financial Industry Regulatory Authority on Wednesday approved a settlement with four former units of AIG, now indirectly owned by Lightyear Capital LLC, ending allegations their inaccurate accounting for investment advisory fees resulted in net capital deficiencies.
The deal requires Advisor Group subsidiaries Royal Alliance Associates Inc., FSC Securities Corp., SagePoint Financial Inc. and Woodbury Financial Services Inc. to pay a total of $415,000 in fines to settle allegations they applied an inaccurate accounting treatment of investment advisory fees, leading to net capital deficiencies of up to $34 million.
FINRA said in the letter of acceptance, waiver and consent filed Wednesday...
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