SEC Sues California Investment Firm Over $1.1M In Side Deals
Law360 (February 12, 2020, 11:12 PM EST) -- The SEC slapped a California investment firm and its directors with a securities suit Wednesday, alleging they failed "to disclose a glaring conflict of their financial interests" when they advised their clients to invest over $16 million in private placement funds and then pocketed over $1.1 million in side deals.
Criterion Wealth Management Insurance Services Inc. and investment advisers Robert Allen Gravette and Mark Andrew MacArthur received undisclosed nonadvisory side compensation from fund managers, breaching their fiduciary duty to their clients and violating the Investment Advisers Act of 1940, according to the U.S. Securities and Exchange Commission.
"Gravette and MacArthur's failure to...
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