SEC Charges Advisory Firm, Part-Owner for Breach of Fiduciary Duty in Connection With Use of Leveraged Exchange Traded Funds
May 05, 2023
May 05, 2023
WASHINGTON, May 5 -- The Securities and Exchange Commission issued the following news release on May 4, 2023:
The Securities and Exchange Commission today announced settled charges against Fargo, North Dakota-based investment adviser Classic Asset Management LLC (CAM) and indirect part-owner and investment adviser representative Douglas G. Schmitz for breach of fiduciary duty in connection with the use of leveraged exchange traded funds (ETFs) in discretionary client accounts.
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The Securities and Exchange Commission today announced settled charges against Fargo, North Dakota-based investment adviser Classic Asset Management LLC (CAM) and indirect part-owner and investment adviser representative Douglas G. Schmitz for breach of fiduciary duty in connection with the use of leveraged exchange traded funds (ETFs) in discretionary client accounts.
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