September 26, 2023

Registered investment advisor AssetMark Inc. has agreed to pay more than $18 million to settle charges of failing to fully disclose a conflict of interest from its affiliate’s cash sweep program.  Specifically, AssetMark failed to disclose that it helped set the fee that its affiliate received for operating the program, and the fee directly reduced the amount of interest paid to clients.  SEC

Tagged in: Financial and Investment Fraud,