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SEC Fines One Oak Capital, Rep Over Account Conversions
News February 18, 2025 at 06:22 PM
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What You Need To Know
- One Oak and Michael DeRosa ignored their fiduciary duty to clients, the SEC said.
- The firm and rep failed to adequately disclose that conversions from brokerage to advisory accounts would result in significantly higher fees, the SEC states.
- As the first SEC action under the Trump administration, the case could signal a renewed focus on retail investors, a consultant says.
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