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Moloney Securities Flagged for Repeat Principal Transactions and Best Ex Violations - SEC
Moloney Securities and Joseph Medley, Jr., CIO and President of the investment advisory business, agreed to settle SEC charges that the firm had repeatedly violated the Advisers Act with regard to best execution and principal transactions - even after the staff of the Commission’s Office of Compliance Inspections and Examination (OCIE) conducted had issued 3 deficiency letters in 2006, 2009 and 2012.
- In 2006, Moloney was found to lack WSPs for its investment advisory business.
- In 2009, it was noted that Moloney had not adequately implemented those WSPs, and that Moloney did not properly conduct principal transactions.
- In 2012, another deficiency letter identified that the firm’s past deficiencies re: principal transactions and implementation of WSP's were still ongoing.
- Specifically, Moloney failed to: (i) properly conduct principal transactions; (ii) accurately disclose its practices regarding principal transactions; and (iii) implement the firm’s WSPs re: principal transactions and best execution.
In addition to monetary fines, to be paid by Moloney and Medley, the firm must engage an Independent compliance consultant for a 2-year period.
