Kelley A. Howes

Kelley A. Howes

Morrison & Foerster LLP

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Latest Posts › Sanctions


SEC Sanctions Adviser for Misstatements in Advertisements, Client Presentations and Regulatory Filings

The SEC found that a registered investment adviser that operates as a “manager of managers” misstated a sub-adviser’s investment performance in communications with its clients, potential clients and the SEC. According to the...more

11/18/2015 - Compliance Material Misstatements Registered Investment Advisors Sanctions SEC Third-Party Service Provider

SEC Sanctions Investment Adviser For Materially False Advertisements

The SEC recently instituted proceedings against a registered investment adviser and its founder, CEO and majority shareholder for allegedly making material misstatements and omissions regarding the amount of assets...more

9/14/2015 - CEOs Compliance Conflicts of Interest Enforcement Actions False Advertising Investment Adviser Investment Advisers Act of 1940 Material Misstatements Omissions Policies and Procedures Sanctions SEC

SEC Sanctions Three More Investment Advisers for Compliance Violations

The SEC’s Compliance Program Initiative bore more enforcement fruit. SEC today sanctioned three investment advisory firms for repeatedly ignoring compliance problems. The Initiative targets firms that fail to address...more

10/24/2013 - Compliance Investment Adviser Sanctions SEC

SEC Sanctions Investment Adviser for Pushing Class A Shares When Investors Qualified to Buy Institutional Class Shares

The Securities and Exchange Commission sanctioned an investment adviser and its owner for failing to seek best execution and breaching their fiduciary duty in selecting mutual fund share classes for three advisory...more

10/3/2013 - Broker Commissions Broker-Dealer Fiduciary Duty Investment Adviser Investment Advisers Act of 1940 Mutual Funds Sanctions SEC

Giving the CCO Teeth: SEC Sanctions Portfolio Manager for Misleading CCO

The SEC brought its first action for misleading and obstructing the work of a CCO this week, finding that a portfolio manager deliberately altered documents and misled the firm’s CCO in an attempt to hide violations of the...more

8/29/2013 - Chief Compliance Officers Compliance Ethics Investment Company Act of 1940 Misrepresentation Portfolio Managers Sanctions SEC

Broker-Dealer Email Systems Must Keep Pace with Firm Growth, FINRA Says

A recent FINRA disciplinary action sends a strong message to broker-dealers that the development of their compliance systems — particularly with respect to email review and retention — must keep pace with the growth of their...more

5/29/2013 - Broker-Dealer Discovery Email FINRA Recordkeeping Requirements Sanctions Supervision

SEC Sanctions Fund Trustees for Inadequate Disclosures and Failure to Follow Compliance Policies

The Securities and Exchange Commission today charged the trustees of two “turnkey” mutual fund trusts with causing untrue or misleading disclosures about their review of the funds’ advisory contracts. The Commission also...more

5/3/2013 - Chief Compliance Officers Compliance Duty to Disclose Sanctions SEC Trustees

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