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SEC Prosecutions

SEC Prosecutions

Investment Adviser Ordered to Cease-and-Desist, Censured and Fined for Failure to Supervise

In the Matter of Cambridge Investment Research Advisors, Inc., Respondent

  • 2016
  • $225,000

Respondent employed a representative named Richard P. Sandru who defrauded clients in multiple ways, including by overcharging fees based on fraudulent documents and misleading clients about account balances after unsuitable, unsuccessful trading. The SEC found that respondent failed to reasonably supervise him in violation of the Investment Advisers Act.

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