April 23, 2013

SEC Names Anne Small as General Counsel

The SEC announced that Anne K. Small has been named General Counsel of the agency. Ms. Small comes to the SEC from the White House Counsel’s Office where she has been serving as Special Assistant to the President and Associate Counsel to the President since October 2011.  She has advised…

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April 22, 2013

George Canellos and Andrew Ceresney Named Co-Directors of Enforcement

Acting Director George Canellos and former federal prosecutor Andrew Ceresney have been named Co-Directors of the Division of Enforcement.

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April 21, 2013

Adviser Fails to Supervise Employee Who Allegedly Forged Checks

The SEC brought an administrative action against Vector Wealth Management, LLC, finding that from October 2008 to May 2011, a clerical employee of Vector forged checks to misappropriate $33,147 of dividends owed to four advisory clients participating in two hedge funds that were managed by Vector.

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April 21, 2013

Adviser Charged with Failing to Implement Adequate Compliance Procedures

The SEC brought an administrative action against Foxhall Capital Management, Inc., based in Virginia, alleging that the firm willfully violated, and its CEO, Co-Chief Investment Officer and CCO willfully aided and abetted and caused Foxhall to violate Section 206(4) of the Advisers Act and Rule 206(4)-7 thereunder by failing to adopt and implement written compliance policies and procedures reasonably designed to prevent violations of the Advisers Act. Foxhall, according to the SEC, also failed to keep complete and accurate records as required by Section 204 of the Advisers Act and Rule 204-2(a)(3) thereunder, and its CCO aided and abetted and caused Foxhall’s violations of these provisions.

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April 18, 2013

SEC Commissioner Aguilar Speaks on Compliance

SEC Commissioner Luis Aguilar spoke at the Regulation, Operations & Compliance (ROC) 2013 conference in New York, which was sponsored by the Regulatory Compliance Association. After noting the growth of the adviser industry, he spoke about the importance of a culture of compliance at an investment adviser. He stated that…

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April 18, 2013

Adviser Charged with Misleading Client Regarding Its AUM

The SEC charged the CEO of Chicago-based investment advisory firm Simran Capital Management with lying to the California Public Employers’ Retirement System (CalPERS) and other current and potential clients about the amount of money managed by the firm.

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April 16, 2013

SEC Commissioner Walter Speaks on Examining Advisers

SEC Commissioner Elisse Walter spoke at the 2013 NASAA Public Policy Conference in Washington, D.C. on SEC exams of investment advisers. She spoke about lessons that the SEC has learned through its advisory examination program and the challenges that remain.

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April 10, 2013

SEC Adopts Identity Theft Rule

The SEC adopted rules requiring broker-dealers, mutual funds, investment advisers, and certain other entities regulated by the agency to adopt programs to detect red flags and prevent identity theft. The SEC adopted the rules jointly with the Commodity Futures Trading Commission (CFTC) in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

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April 4, 2013

SEC Brings Action Against Adviser and Its Principal Related to Misleading Advertisements

The SEC brought an administrative action against ZPR Investment Management, Inc. (ZPR) and Max E. Zavanelli. The SEC alleges that ZPR and Zavanelli made false and misleading advertisements in several financial magazines and in monthly newsletters to clients and prospective clients between October 2008 and May 2011.

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