- 2012
- $411,851
Respondents included a registered investment adviser and its founder, Respondent Loucks, and their affiliated registered broker-dealer (with which respondent Loucks also was associated as a registered representative). The SEC found that, through respondents’ coordinated activities, clients of the investment adviser were being charged increased commissions although they were told that they received a discounted rate. This resulted in undisclosed compensation for the investment adviser, and unlawful failures to seek/obtain best execution for its clients.
