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Violation Tracker Individual Record

Company: ClearPath Wealth Management, LLC
Penalty: $27,130,905
Year: 2024
Date: April 3, 2024
Offense Group: financial offenses
Primary Offense: investor protection violation
Violation Description: The U.S. District Court for the District of Rhode Island entered its final judgment and a permanent injunction against Rhode Island-based investment advisory firm ClearPath Wealth Management, LLC, for defrauding the funds it advised and the investors in those funds. The final judgment against ClearPath permanently enjoins the firm from violating the antifraud, custody, and compliance provisions of Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections 206(1), (2), and (4) of the Investment Advisers Act of 1940 and Rules 206(4)-2, 206(4)-7, and 206(4)-8 thereunder. The final judgment also orders ClearPath to pay, on a joint-and-several basis with its owner, $22,553,095 in disgorgement and $4,577,810 in prejudgment interest, less any amounts distributed by the receiver or paid by the owners as criminal restitution after the date of the final judgment.
Level of Government: federal
Action Type: agency action
Agency: Securities and Exchange Commission
Civil or Criminal Case: civil
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.