SEC Brings Three Proceedings Based on the Custody Rule

The SEC brought three actions focused on the protection of investor securities and funds held by investment advisers. In the Matter of Further Lane Assets Management, LLC, Adm. Proc. File No. 3-15590 (Oct. 28, 2013); In the Matter of GW& Wade, LLC, Adm. Proc. File No. 3-15589 (Oct. 28, 2013); In...

SEC Brings Another Custody Rule Case

The SEC brought another in what may become a series of custody rule cases. This action was brought against Professional Investment Management, Inc., and its principal, Douglas Cowgill. SEC v. Cowgill, Case No. 2:14 CV 396 (S.D. Oho. Filed May 5, 2014). Professional Investment Management provides third...

SEC Charges Recidivist Adviser, Co-Founders With Violations of Custody Rule

The SEC has brought a number of custody rule cases as part of its broken windows initiative. Its newest proceeding centered on the custody rule, however, is a contested administrative proceeding which names as Respondents an adviser, its two principals, all of whom are securities law recidivists whose...