Regulation and Compliance issues for Wealth Professionals can be challenging to navigate especially when the SEC is involved. Catch the latest news and analysis on compliance updates that impact financial advisors.
According to the SEC, the affiliated broker for Kestra Advisory Services and Kestra Private Wealth Services received compensation when clients' assets were invested in certain mutual fund share classes.
The SEC argued that Westport Capital Markets and its owner, Christopher E. McClure, had 'generated significant undisclosed compensation' to the detriment of their clients.
The regulator claims Securities America staff received at least 55 automated alerts concerning one advisor’s suspicious activity, yet failed to escalate them.