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- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
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- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
Columbia Investments Failed to Prevent Theft of Investor Funds - SEC
In an SEC Administrative Proceeding, Boston-based transfer agent Columbia Investment Management Services has agreed to pay a $250,000 fine to settle SEC charges that it failed to adequately safeguard and protect customer funds and securities, leading to an incident where an employee stole approximately $1.2 million worth of mutual funds from investors.
SEC investigators founds found that … Columbia employee Ronald Hunt obtained sensitive account information regarding foreign deceased shareholders, and falsified documents to transfer securities from those accounts to an account he controlled. He then liquidated the securities and wired the funds to another account he controlled. Columbia never detected the misuse of information or theft of securities.
The misappropriation was only detected when authorized persons for the customer accounts tried to withdraw funds and investments, but found that everything had been withdrawn and the accounts were closed. Columbia made both shareholder accounts whole, referred Hunt to federal law enforcement, and subsequently recovered all of the misappropriated funds from Hunt.
The SEC’s disciplinary actions took into account remedial actions taken by Columbia, including enhancements to its redemption form and implementing additional levels of approval for certain data requests.