Updated Thursday, April 24, 2014 as of 6:02 PM ET
Industry - RIAs
SEC Punishes RIA for Cherry-Picking Scheme Involving Improper Day Trades
by: Kenneth Corbin
Wednesday, August 29, 2012
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The Securities and Exchange Commission is taking administrative action against an investment advisor alleged to have engaged in a so-called "cherry-picking" scheme that funneled gains from day trades in an omnibus account into the advisor's personal and business accounts, while saddling clients with the losses from the trades that went sour.

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