Tag Archives: fund disclosures

SEC $1.8mn Fine Fund Disclosure

On Dec. 21, SEC fined IAs $18mn for fund disclosure violations. American Portfolios Advisors, PPS Advisors, and CEO/CIO, Lawrence Passaretti. Invested clients in mutual fund share classes that paid 12b-1 fees to the firms' investment adviser representatives (IARs), even when cheaper class available. Alleged Violations Firms did not disclose conflicts of interest, violated duty to…
Read more