trending Market Intelligence /marketintelligence/en/news-insights/trending/ixR7RuDxGQPYDbC00fBEWw2 content esgSubNav
Log in to other products

 /


Looking for more?

Contact Us
In This List

Thoroughbred Financial and representatives fined by SEC

Blog

Standar Baru Penilaian Pembiayaan Proyek oleh Bank

Blog

Banking Essentials Newsletter: May Edition

Blog

Latin American and Caribbean Market Considerations Blog Series: Focus on IFRS 9

Blog

Banking Essentials Newsletter: April Edition - Part 2


Thoroughbred Financial and representatives fined by SEC

The U.S. Securities and Exchange Commission ordered respondents, Thoroughbred Financial Services LLC and its representatives Thomas Parker and Lawrence Hartley, to pay approximately $1.7 million in disgorgement, prejudgment interest, and civil money penalties, for breaching their fiduciary duty and for inadequate disclosures regarding their mutual fund share class selection practices.

By investing in mutual fund share classes with 12b-1 fees rather than lower-cost share classes of the same funds, Thoroughbred, Parker and Hartley breached their duty to seek best execution for their clients.

Thoroughbred also failed to implement written policies, reasonably designed to prevent violations of the Investment Advisers Act of 1940 and the rules thereunder related to its mutual fund share class selection practices.

SEC also issued a cease and desist order against the respondents as part of the proceedings.