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Many advisors have lived through bear market turmoil before. They say their role now is to keep clients from panicking, and in many cases help those with longer time horizons recognize opportunity in the chaos.
The SEC had accused Christopher McClure, the owner of Westport Capital Markets, of enriching himself by investing client funds in risky securities with additional, undisclosed mark-ups and fees.
The SEC will give advisors an extra month to file their Form ADV, both parts 1 and 2, in light of the business disruptions caused by the coronavirus pandemic, and left open the possibility of further postponement.