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Corporate & Securities Law
: FinancialCounselSEC's Sanction Against Royal Alliance For Failure To Detect Adviser's Ponzi Scheme Provides Valuable Lessons To Investors And Advisers
By James Eccleston
The SEC (Securities and Exchange Commission) has censured Royal Alliance Associates, Inc. and fined it $500,000 due to its failure to supervise one of its former advisers, David McMillan. From at least January 1999 until December 2004, McMillan was able to operate a Ponzi scheme and defraud no less than 28 investors "by lying about purchases and sales of securities, by misappropriating funds for his personal use, and by sending certain investors falsified statements relating to their investment accounts." Let's review how McMillan perpetrated this fraud and why the SEC severely has sanctioned Royal Alliance for failing to prevent and/or detect it.
Full post as published by FinancialCounsel on May 18, 2009 (boomark / email).
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