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Settlement approved for portfolio manager's failure to meet best execution obligations and related violations.
Staff of the Commission and Caldwell Investment Management Ltd. (CIM) jointly submitted a settlement agreement for approval.
CIM admitted to failing to meet its best execution obligations over a four-year period by directing trades to a related firm, resulting in higher commission rates and bond spreads for its clients.
CIM also admitted to making misleading statements, having inadequate policies, and providing insufficient information to its Independent Review Committees.
The Commission approved the settlement, which included an administrative penalty of $1.8 million, costs of $250,000, and terms and conditions on CIM's registration requiring an independent consultant to review its policies.
