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SEC Prosecutions

SEC Prosecutions

RIA Ordered to Cease-and-Desist, Censured and Fined on Pay-to-Play Charge

In the Matter of The Banc Funds Company, L.L.C., Respondent

  • 2017
  • $75,000

The SEC found that a covered associate of respondent made a campaign contribution to a candidate for Governor of Illinois and, within two years, provided advisory services for compensation to the public pension fund in Illinois. Such conduct constitutes a violation under the “pay-to-play” rule of the Investment Advisers Act of 1940.

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