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SEC charges 2 registered investment advisers with failure to disclose conflicts of interest

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SEC charges 2 registered investment advisers with failure to disclose conflicts of interest

The SEC announced charges against two registered investment advisersfor failure to disclose conflicts of interest resulting from the receipt of revenuein the form of forgivable loans from a third-party broker/dealer.

Advantage InvestmentManagement LLC failed to disclose that it received more than $3 millionin revenue in the form of a forgivable loan made in 2012 by a broker/dealer, andfailed to disclose the conflicts of interest arising from the loan, an SEC probefound.

Without admitting or denying the SEC's findings, Advantage Investmentagreed to a censure, a cease-and-desist order and a penalty of $60,000.

Separately, the SEC found that Washington Wealth Management LLC,a San Diego-based registered investment adviser, failed to disclose that it receivedmore than $1.8 million in multiple loans from a broker/dealer between October 2012and March 2013. Washington Wealth did not admit or deny the SEC's findings, butagreed to a censure, a cease-and-desist order and a penalty of $50,000.

Washington Wealth Management has rebranded as KestraPrivate Wealth Services LLC.