By Stuart Gittleman, Compliance Complete
NEW YORK, June 3, 2014 (Thomson Reuters Accelus) - The Securities and Exchange Commission has barred an investment adviser’s president and owner from the advisory and brokerage industries for misrepresenting his firm’s performance and its compliance with GIPS, the global investment performance standards.
Tuesday’s ruling, by SEC administrative law judge Cameron Elliot, may be the first formal SEC sanction against an adviser or an associated person for misrepresenting its compliance with GIPS, which is voluntary, although the SEC has sanctioned a firm that also invented a client with large investments with the firm. The SEC has warned that its examiners will focus on disclosures over fees, expenses and performance. (more…)