Former Investment Adviser Firm and CIO Settle SEC Charges
From the Desk of Jim Eccleston at Eccleston Law LLC:
The Securities and Exchange Commission has settled charges against Moloney Securities Company, Inc. and its CIO Joseph Ronald Medley, Jr. because of several compliance and disclosure issues. According to the SEC, the firm failed to properly disclose and implement its compliance policies and procedures regarding principal transactions even after Moloney Securities received three deficiency letters in 2006, 2009 and 2012.
The SEC asserted that Moloney Securities, under the control of Medley, violated 206(2), 206(3), 206(4), and 207 of the Advisers Act. Without admitting or denying the findings, Moloney Securities and Medley agreed to a cease-and-desist order. In addition, Moloney Securities agreed to pay a civil penalty of $34,000, and Medley agreed to a pay a civil penalty of $7,500.
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Related Attorneys: James J. Eccleston
Tags: Eccleston, Eccleston Law, Eccleston Law LLC, James Eccleston, Financial Counsel, SEC, Moloney Securities Company Inc., Investment Adviser Firm, CIO, Joseph Ronald Medley Jr., compliance policies, case-and-desist, civil penalty,