Violation Tracker Individual Record

Company: 
BMO Harris Financial Advisors Inc. and BMO Asset Management Corp.
Current Parent Company: 
Bank of Montreal
Penalty: 
$37,980,000
Year: 
2019
Date: 
September 27, 2019
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Violation Description: 

Two BMO advisory firms agreed to pay over $37 million to settle charges regarding their failure to tell clients about certain aspects of how they selected investments in their retail investment advisory program, known as the Managed Asset Allocation Program, which included the selection of more expensive investments from which BMO advisers profited.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Securities and Exchange Commission
Civil or Criminal Case: 
civil
HQ Country of Parent: 
Canada
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.