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News December 7, 2015 Issue

Two Strikes: Adviser in Custody Case Faces Harsher Penalties the Second Time Around

Five years ago, the SEC settled with an adviser by charging the firm $60,000. Last month, when the agency settled with the adviser again in regard to similar violations, the SEC was a bit harsher: It raised the fine to $1 million, required the retention of a compliance monitor, set daily penalties for future failures to comply, and suspended the firm from the industry for a year.

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