Violation Tracker Individual Record

Company: 
Royal Alliance Associates, SagePoint Financial and FSC Securities Corporation
Current Parent Company: 
Reverence Capital Partners
Penalty: 
$9,500,000
Year: 
2016
Date: 
March 14, 2016
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Violation Description: 

Three AIG affiliates agreed to pay more than $9.5 million to settle SEC charges that they steered mutual fund clients toward more expensive share classes so the firms could collect higher fees.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Securities and Exchange Commission
Civil or Criminal Case: 
civil
HQ Country of Parent: 
USA
HQ State of Parent: 
New York
Ownership Structure of Parent: 
privately held
Major Industry of Parent: 
private equity (including portfolio companies)
Specific Industry of Parent: 
private equity (including portfolio companies)
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.