The U.S. Securities and Exchange Commission (SEC) has announced a $100,000 settlement against Mortgage Industry Advisory Corp. (MIAC) over compliance irregularities dating back 17 years.
According to the SEC, the New York City-based registered investment adviser failed to adopt and implement written compliance policies and procedures, conduct an annual review of its compliance program, and establish and enforce a code of ethics. MIAC first received notice of these deficiencies during an examination by the Commission’s Division of Examinations in 2006, yet never addressed the problems until February 2022 when the company adopted a written code of ethics after a 2021 examination by the SEC’s Division of Examinations identified the compliance issues.
The settlement does not require MIAC to admit or deny wrongdoing, but the company nonetheless consented to the SEC’s cease-and-desist order and censure and agreed to pay the settlement sum to resolve the charges.
;
