Three investment advisers have agreed to settle charges by the Securities and Exchange Commission that they repeatedly failed to remedy compliance violations uncovered by SEC examiners. Portfolio Management, Equitas Capital Advisers and Equitas Partners will pay civil penalties and hire compliance consultants. Andrew Ceresney, co-director of the SEC Enforcement Division, says the firms' compliance programs "were not adequate to prevent misleading statements in marketing materials or inadvertent overbilling of clients."

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