A 30-page ruling permanently barring a private wealth advisor from ever again associating with a Registered Investment Adviser delved into the minutiae of portfolio reporting practices and calculations, and could signal that the SEC’s promise to scrutinize more closely performance reporting in the post-Madoff era is starting to result in sanctions against RIAs and IA reps. The case also highlights the need for principals at advisory firms to be truthful in filing U5 termination notices when an employee is fired for misconduct, even if it means hurting an individual's professional car
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