The SEC has charged three investment advisors — OMNI Investment Advisors, Feltl & Company and Asset Advisors LLC — for failing to implement compliance procedures to prevent securities law violations. OMNI’s owner, Gary R. Beynon, was also charged.
The firms were in violation of the Investment Advisors Act’s “compliance rule,” which requires registered investment advisors to implement written policies and procedures to prevent, detect and correct securities laws violations. It also requires an annual review of the policies and procedures and the designation of a chief compliance officer to administer them.
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