U.S. SEC cracks down on advisers over repeated compliance failures

Three investment advisers and their owners agreed on Wednesday to settle civil charges that they had repeatedly failed to address compliance problems, in a case that stems from a broad crackdown by U.S. regulators into compliance failures by asset managers. The U.S. Securities and Exchange Commission said that Modern Portfolio Management Inc., Equitas Capital Advisers LLC, and Equitas Partners LLC would each pay financial penalties and hire compliance consultants to resolve the charges. More on Reuters here.

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