The SEC has obtained a $1.1 million settlement from Portland, Ore., based planner Christopher Keil Hicks and two of his companies on charges they failed to disclose a revenue-sharing agreement and other conflicts with his clients.
"Hicks and his firms kept their clients in the dark about this and other conflicts of interest that investors are entitled to know about and advisers must disclose," Bruce Karpati, chief of the SEC Enforcement Division's Asset Management Unit, said in a statement. "Payments to investment advisers for recommending certain types of investments may corrupt their ability to provide impartial advice to their clients."
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