Action against Respondent, a registered broker-dealer and investment advisor, in connection with an alleged failure to supervise.  The SEC alleges that one of Respondent’s financial advisors misappropriated client funds by engaging in unauthorized wire transfers.  The SEC further alleges that Respondent failed to detect the unauthorized money movements and the fraudulently created order forms that were necessary to facilitate these unauthorized wire transfers.  Respondent has agreed to pay a civil penalty of $3,600,000.

SEC Order 

SEC Press Release