SEC Charges 11 Institutional Investment Managers with Failing to Report Certain Securities Holdings
summary
The SEC charged 11 institutional investment managers for failing to file required Forms 13F and 13H, resulting in settlements and over $3.4 million in combined civil penalties.
paragraph
The SEC charged 11 investment managers for failing to file required Form 13F reports and, for two entities, Form 13H large trader reports. Nine of the firms agreed to pay more than $3.4 million in combined civil penalties to settle the charges. Dixon Mitchell Investment Counsel and Nationale-Nederlanden were not ordered to pay penalties due to their self-reporting and cooperation.
narrative
The Securities and Exchange Commission charged 11 institutional investment managers for failing to file required Form 13F reports regarding securities holdings over $100 million. Additionally, Nationale-Nederlanden Powszechne Towarzystwo Emerytalne S.A. and NEPC, LLC were charged with failing to file Form 13H large trader reports. All 11 firms agreed to settle the charges, with nine firms paying a combined total of more than $3.4 million in civil penalties. Individual penalties ranged from $175,000 for Bulltick Wealth Management to $725,000 for NEPC, LLC. Dixon Mitchell Investment Counsel and Nationale-Nederlanden received no financial penalties because they self-reported their violations and cooperated with investigations. NEPC, LLC also avoided a penalty for its 13H violations due to its self-reporting and cooperation. The SEC emphasized that these resolutions highlight the importance of accurate, timely information in maintaining market integrity.
Classified broker-dealer-fraud(confidence 90%). EDGAR detection: forms Form D· recall 29% / precision 9%. detection rule →
Parties
caitlin giaimoerin eastJason Burtnepc, llcSecurities and Exchange Commissionthe sec’s chargesthe sec’s investigationthe sec’s investigations
Keywords
investmentinstitutional investmentinvestment managerssecsecuritieswealthllcmanagers failingcertain securitiessecurities holdingsasset managementunder supervisioninstitutionalmanagersfinancial
Exhibits & Attached Documents (11)
Extracted insights
Dollar amounts 9
- $100.00M $100 million $100M–$1B
- $3.40M $3.4 million $1M–$10M
- $725K $725,000 $100K–$1M
- $525K $525,000 $100K–$1M
- $475K $475,000 $100K–$1M
- $375K $375,000 $100K–$1M
- $225K $225,000 $100K–$1M
- $225K $225,000 $100K–$1M
- $175K $175,000 $100K–$1M
Entities 8
- person caitlin giaimo
- person erin east
- person Jason Burt
- company nepc, llc
- agency Securities and Exchange Commission
- agency the sec’s charges
- agency the sec’s investigation
- agency the sec’s investigations
Triples 11
- Securities and Exchange Commission Announced Charges against 11 institutional investment managers for failing to file reports
- Securities and Exchange Commission Charged Nationale-Nederlanden Powszechne Towarzystwo Emerytalne S.A. (Nationale-Nederlanden) and NEPC, LLC
- All 11 firms Agreed to settle the SEC’s charges
- Nine of the firms Will pay more than $3.4 million in combined civil penalties
- Two firms Were not ordered to pay any civil penalties because they self-reported the violations at issue and otherwise cooperated with the SEC’s investigations
- NEPC, LLC Was not ordered to pay a civil penalty for its failure to file Forms 13H because it self-reported those violations and otherwise cooperated with the SEC’s investigations
- Jason Burt Said The integrity of the securities markets depends largely on firms providing accurate, timely information about their securities holdings and trading activity
- Jason Burt Illustrated how seriously the Commission takes non-compliance as well as the benefits a firm may derive from self-reporting its non-compliance
- The SEC’s investigations Were conducted by Michael Cates, Abigail Edwards, Jacqueline Moessner, and Jennifer Turner
- The SEC’s investigations Were conducted by Erin East
- The SEC’s investigation Was conducted by Caitlin Giaimo
PDF (from attached: pdf)
Text layers
Extracted body text (3,006c)
The Securities and Exchange Commission today announced charges against 11 institutional investment managers for failing to file reports, known as Forms 13F, that they were required to file because they have discretion over more than $100 million in certain securities. Two of the entities, Nationale-Nederlanden Powszechne Towarzystwo Emerytalne S.A. (Nationale-Nederlanden) and NEPC, LLC, were also charged with failing to file Forms 13H as required for large traders who trade a significant amount of exchange-listed securities. All 11 firms agreed to settle the SEC’s charges. Nine of the firms will pay more than $3.4 million in combined civil penalties. Two firms were not ordered to pay any civil penalties because they self-reported the violations at issue and otherwise cooperated with the SEC’s investigations, and another (NEPC, LLC) was not ordered to pay a civil penalty for its failure to file Forms 13H because it self-reported those violations and otherwise cooperated with the SEC’s investigations. The institutional investment managers charged and their respective penalties are: Ashton Thomas Private Wealth, LLC - $375,000 Azzad Asset Management, Inc. - $225,000 Bulltick Wealth Management, LLC - $175,000 Dixon Mitchell Investment Counsel, Inc. - no financial penalty Financial Synergies Wealth Advisors, Inc. - $225,000 Focus Financial Network, Inc. - $475,000 Mason Investment Advisory Services, Inc. - $525,000 Nationale-Nederlanden - no financial penalty NEPC, LLC - $725,000 TD Private Client Wealth, LLC - $475,000 Traphagen Investment Advisors, LLC - $225,000 “The integrity of the securities markets depends largely on firms providing accurate, timely information about their securities holdings and trading activity,” said Jason Burt, Director of the Denver Regional Office. “These resolutions illustrate how seriously the Commission takes non-compliance as well as the benefits a firm may derive from self-reporting its non-compliance.” The SEC’s investigations of Ashton Thomas Private Wealth, Azzad Asset Management, Bulltick Wealth Management, Financial Synergies Wealth Advisors, Focus Financial Network, Mason Investment Advisory Services, NEPC, TD Private Client Wealth, and Traphagen Investment Advisors were conducted by Michael Cates, Abigail Edwards, Jacqueline Moessner, and Jennifer Turner, under the supervision of Laura Metcalfe, Nicholas Heinke, and Jason Burt of the Denver Regional Office. The SEC’s investigation of Dixon Mitchell Investment Counsel was conducted by Erin East under the supervision of Stephen Donahue, Andrew Dean, and Corey Schuster of the Division of Enforcement’s Asset Management Unit. The SEC’s investigation of Nationale-Nederlanden was conducted by Caitlin Giaimo under the supervision of Celeste Chase, Sheldon Pollock, and Antonia Apps of the New York Regional Office. More information about the Forms 13F and 13H requirements is available here: Form 13F - Reports Filed by Institutional Investment Managers Large Trader Information
OCR text (3,006c · html-text · 99% conf)
The Securities and Exchange Commission today announced charges against 11 institutional investment managers for failing to file reports, known as Forms 13F, that they were required to file because they have discretion over more than $100 million in certain securities. Two of the entities, Nationale-Nederlanden Powszechne Towarzystwo Emerytalne S.A. (Nationale-Nederlanden) and NEPC, LLC, were also charged with failing to file Forms 13H as required for large traders who trade a significant amount of exchange-listed securities. All 11 firms agreed to settle the SEC’s charges. Nine of the firms will pay more than $3.4 million in combined civil penalties. Two firms were not ordered to pay any civil penalties because they self-reported the violations at issue and otherwise cooperated with the SEC’s investigations, and another (NEPC, LLC) was not ordered to pay a civil penalty for its failure to file Forms 13H because it self-reported those violations and otherwise cooperated with the SEC’s investigations. The institutional investment managers charged and their respective penalties are: Ashton Thomas Private Wealth, LLC - $375,000 Azzad Asset Management, Inc. - $225,000 Bulltick Wealth Management, LLC - $175,000 Dixon Mitchell Investment Counsel, Inc. - no financial penalty Financial Synergies Wealth Advisors, Inc. - $225,000 Focus Financial Network, Inc. - $475,000 Mason Investment Advisory Services, Inc. - $525,000 Nationale-Nederlanden - no financial penalty NEPC, LLC - $725,000 TD Private Client Wealth, LLC - $475,000 Traphagen Investment Advisors, LLC - $225,000 “The integrity of the securities markets depends largely on firms providing accurate, timely information about their securities holdings and trading activity,” said Jason Burt, Director of the Denver Regional Office. “These resolutions illustrate how seriously the Commission takes non-compliance as well as the benefits a firm may derive from self-reporting its non-compliance.” The SEC’s investigations of Ashton Thomas Private Wealth, Azzad Asset Management, Bulltick Wealth Management, Financial Synergies Wealth Advisors, Focus Financial Network, Mason Investment Advisory Services, NEPC, TD Private Client Wealth, and Traphagen Investment Advisors were conducted by Michael Cates, Abigail Edwards, Jacqueline Moessner, and Jennifer Turner, under the supervision of Laura Metcalfe, Nicholas Heinke, and Jason Burt of the Denver Regional Office. The SEC’s investigation of Dixon Mitchell Investment Counsel was conducted by Erin East under the supervision of Stephen Donahue, Andrew Dean, and Corey Schuster of the Division of Enforcement’s Asset Management Unit. The SEC’s investigation of Nationale-Nederlanden was conducted by Caitlin Giaimo under the supervision of Celeste Chase, Sheldon Pollock, and Antonia Apps of the New York Regional Office. More information about the Forms 13F and 13H requirements is available here: Form 13F - Reports Filed by Institutional Investment Managers Large Trader Information