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SEC Finds 10 Firms Violated Pay-to-Play Rule by Accepting Pension Fund Fees Following Campaign Contributions
U.S. Securities and Exchange Commission [SEC] Link to more items from this source
Jan. 18, 2017
"The [SEC] announced that 10 investment advisory firms have agreed to pay penalties ranging from $35,000 to $100,000 to settle charges that they violated the SEC's investment adviser pay-to-play rule by receiving compensation from public pension funds within two years after campaign contributions made by the firms' associates.... Without admitting or denying the findings, the 10 firms consented to the SEC's orders finding they violated Section 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-5."

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