Contact: Mark D. Knoll & Daniel G. Nelson; Bressler, Amery & Ross, P.C. (New Jersey, USA)
On October 23, 2013, the SEC announced that three investment advisory firms had agreed to settlements for repeatedly ignoring significant problems with their compliance programs. The firms - Modern Portfolio Management Inc., Equitas Capital Advisers LLC, and Equitas Partners LLC - agreed to pay financial penalties totaling $400,000 and undertake a host of remedial measures, including hiring independent compliance consultants. In addition to the financial penalties leveled against the firms, in all three cases, individual employees agreed to pay civil money penalties.
