- 2013
- $449,837
The SEC found that respondents violated the Investment Advisers Act of 1940 when they purchased unit investment trust (“UIT”) units bearing transactional sales charges in their clients’ accounts without disclosing that identical UIT units sold at NAV with no transactional sales charges were available for purchase. Choosing the units with sales charges for their clients increased respondents compensation in the amount of $331,433.98.
