The CEO of HighTower "simplified the playbook" at the firm — in January 2018, the firm owned 23% of the revenue, leaving 77% at risk of attrition. Now, it owns 91%.
The SEC mandated that 16 firms recoup investors after they failed to disclose issues with investments in higher cost share class mutual funds, and penalized one additional firm further for failing to self-report.
BMO advisors put clients into proprietary mutual funds to boost their own revenue without telling clients about their own financial gain, according to SEC claims.
Private Wealth Advisors alleged that the two breached contract by using the firm's information to build a new business, according to the Pennsylvania Record.
