SEC and New York State adviser reach $30 million settlement over fee disclosure issues
Posted onAuthorJoshua R. ArnoldComments Off on SEC and New York State adviser reach $30 million settlement over fee disclosure issues
By Al Barbarino (March 3, 2022, 11:56 a.m. EST) – The U.S. Securities and Exchange Commission announced Thursday that it has reached an agreement worth more than $30 million with New York-based City National Rochdale, LLC. York, resolving allegations that the investment adviser defrauded clients by failing to disclose conflicts of interest related to fees he earned on proprietary mutual funds.
Between at least 2016 and 2019, the advisor failed to advise clients that he was investing their assets in proprietary mutual funds to generate fees for the firm and its affiliates, when competing funds may have lower fees, the SEC said.
“CNR’s failures to disclose its conflicts of interest…
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