Investment firms are fined by SEC for failure to seek best terms for clients

08/1/2013 | Reuters

Two firms dually registered as investment advisers and broker-dealers were fined by the Securities and Exchange Commission for failing to process trades on the terms most beneficial for their clients. A.R. Schmeidler of New York agreed to pay $1 million after the SEC found it had profited by using its own clearing firm. Goelzer Investment Management of Indianapolis will pay about $500,000 for misrepresenting the process it used to select and recommend itself as a broker for its clients.

View Full Article in:

Reuters

Published in Brief: