On March 11, the SEC announced an unusual and technical enforcement case against a major asset management firm for paying finders’ fees to a consultant solicitor who was not registered as a broker-dealer. Specifically, the SEC has issued an administrative cease-and-desist order in a settled case against investment manager Ranieri Partners and one of its former employees. In the Matter of Ranieri Partners LLC & Donald W. Phillips, SEC Admin. Proc. No. 3-15234 (Mar. 8, 2013) (Order Instituting Admin. & Cease-and-Desist Procs.)
View full memo, "SEC Charges Asset Manager for Finder’s Broker-Dealer Registration Failure"