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The SEC Fines Firm $300,000 for ADV Deficiencies

The Securities and Exchange Commission (SEC) has fined a registered investment advisor that acts as a subadvisor to clients in various wrap fee programs $300,000. The SEC felt the firm, RiverFront Investment Group, violated Sections 207 and 204 of the Investment Advisers Act of 1940 and Rule 204-1(a) by making misleading disclosures in its Forms ADV and failing to prepare its customers for additional costs beyond the “wrap fees”.

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