October 29, 2014
Posted January 26, 2016
The SEC announced charges against investment advisory firm Sands Brothers Asset Management LLC and three top officials for violating the “custody rule” that requires firms to follow certain procedures when they control or have access to client money or securities. Specifically, the government alleges Sands Brothers has been repeatedly late in providing investors with audited financial statements of its private funds, and the firm’s co-founders Steven Sands and Martin Sands along with chief compliance officer and chief operating officer Christopher Kelly were responsible for the firm’s failures to comply with the custody rule. SEC
Tagged in: Regulatory Violations, Securities Fraud,