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United States SEC Charged 11 & Fined 9 Institutional Investment Managers $3.4 Million for Failure to File Forms 13F for Having Discretion Over $100 Million in Securities, 11 Firms are Ashton Thomas Private Wealth, Azzad Asset Management, Bulltick Wealth Management, Dixon Mitchell Investment Counsel, Financial Synergies Wealth Advisors, Focus Financial Network, Mason Investment Advisory Services, Nationale-Nederlanden, NEPC, TD Private Client Wealth & Traphagen Investment Advisors
18th September 2024 | Hong Kong
The United States Securities & Exchange Commission (SEC) has charged 11 and fined 9 institutional investment managers $3.4 million for failure to file Forms 13F for having discretion over $100 million in securities. The 11 firms are Ashton Thomas Private Wealth, Azzad Asset Management, Bulltick Wealth Management, Dixon Mitchell Investment Counsel, Financial Synergies Wealth Advisors, Focus Financial Network, Mason Investment Advisory Services, Nationale-Nederlanden, NEPC, TD Private Client Wealth & Traphagen Investment Advisors. United States SEC (17/9/24): “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.”
“ United States SEC Charged 11 & Fined 9 Institutional Investment Managers $3.4 Million for Failure to File Forms 13F for Having Discretion Over $100 Million in Securities, 11 Firms are Ashton Thomas Private Wealth, Azzad Asset Management, Bulltick Wealth Management, Dixon Mitchell Investment Counsel, Financial Synergies Wealth Advisors, Focus Financial Network, Mason Investment Advisory Services, Nationale-Nederlanden, NEPC, TD Private Client Wealth & Traphagen Investment Advisors “
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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
More information about the Forms 13F and 13H requirements is available here:
Form 13F – Reports Filed by Institutional Investment Managers
- An institutional investment manager that uses the U.S. mail (or other means or instrumentality of interstate commerce) in the course of its business, and exercises investment discretion over $100 million or more in Section 13(f) securities (explained below) must report its holdings quarterly on Form 13F with the Securities and Exchange Commission (SEC).
- In general, an institutional investment manager is: (1) an entity that invests in, or buys and sells, securities for its own account; or (2) a natural person or an entity that exercises investment discretion over the account of any other natural person or entity. Institutional investment managers can include investment advisers, banks, insurance companies, broker-dealers, pension funds, and corporations.
- Form 13F is required to be filed within 45 days of the end of a calendar quarter. The Form 13F report requires disclosure of the name of the institutional investment manager that files the report, and, with respect to each section 13(f) security over which it exercises investment discretion, the name and class, the CUSIP number, the number of shares as of the end of the calendar quarter for which the report is filed, and the total market value.
- The securities that institutional investment managers must report on Form 13F are “section 13(f) securities.” Section 13(f) securities generally include equity securities that trade on an exchange (including the Nasdaq National Market System), certain equity options and warrants, shares of closed-end investment companies, and certain convertible debt securities. The shares of open-end investment companies (i.e., mutual funds) are not Section 13(f) securities. Section 13(f) securities can be found on the Official List of Section 13(f) Securities. The Official List is published quarterly and is available for free on the SEC’s website. It is not available in paper copy format or on computer disk.
- You can search for and retrieve Form 13F filings using the SEC’s EDGAR database. To find the filings of a particular money manager, enter the money manager’s name in the Company Name field. To see all recently filed 13Fs, use the “Latest Filings” search function and enter “13F” in the Form Type box.
- You can learn more about Form 13F filings and the applicable statutory and regulatory provisions, as well as obtain a copy of the Form and instructions and the Official List of Section 13(f) Securities, by accessing Frequently Asked Questions About Form 13F prepared by the SEC’s Division of Investment Management.
United States SEC Charged 11 & Fined 9 Institutional Investment Managers $3.4 Million for Failure to File Forms 13F for Having Discretion Over $100 Million in Securities, 11 Firms are Ashton Thomas Private Wealth, Azzad Asset Management, Bulltick Wealth Management, Dixon Mitchell Investment Counsel, Financial Synergies Wealth Advisors, Focus Financial Network, Mason Investment Advisory Services, Nationale-Nederlanden, NEPC, TD Private Client Wealth & Traphagen Investment Advisors
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