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News September 30, 2019 Issue

Failure to Supervise Cherry-Picking Rep Leads to Twin Enforcement Actions

Advisory firms take note: An errant individual account representative that gets in trouble with the SEC for cherry-picking may drag his advisory firm into the enforcement process if the agency believes that the adviser did not properly supervise the employee. The SEC on recently reached separate settlements with an adviser and its IAR in just such a matter.

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