Articles Tagged with Investment Advisers Act of 1940

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Crown Capital Securities, L.P. (“Crown Capital”), a dually-registered investment adviser and broker-dealer based in California, agreed to pay $1.6 million to settle charges brought by the Securities and Exchange Commission (“SEC”) over the firm’s disclosure failures regarding investment advice it gave about mutual funds and cash sweep money market funds. Specifically, the SEC alleged that the company did not disclose its conflicts of interests related to mutual fund share classes, cash sweep arrangements, and no-transaction-fee revenues.

Without admitting or denying the findings, Crown Capital consented to a cease-and-desist order, censure, and agreed to pay disgorgement of $1,138,740, prejudgment interest of $154,173, and a civil penalty of $295,000. The firm also agreed to distribute funds to harmed clients and comply with certain undertakings.

If you have lost money with Crown Capital, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

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