The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Regs Give SEI Tag Team Treatment Not Rated 3.0 Email Routing List Email & Route  Print Print
Wednesday, July 21, 2004

Regs Give SEI Tag Team Treatment

by: Theresa Sim

The SEC has fined SEI Investments Distribution Company (SIDCO) and SEI Investments $375,000 for failing to keep complete records, file unaudited financial statements, and maintain adequate net capital levels. The settlement was reached last Wednesday.

Besides cutting a hefty check to the U.S. Treasury, SIDCO will have to employ Deloitte & Touche to conduct a review of its internal controls. Deloitte will issue a report of its findings, which SIDCO will then have 30 days to implement.

The violations date back to August 2002, when during a routine examination the NASD discovered that SIDCO did not accurately calculate its net capital and also failed to keep accurate and complete financial records. Subsequent investigations by the SEC revealed that SIDCO had not corrected the problems.

Specifically, in 2002, SIDCO reported $8 million in net capital when it should have reported negative net capital of $53 million. The overdraft was a result of erroneous transactions ordered by SEI Investment Management
SEI Investments was included in the SEC action for not adequately monitoring SIDCO. 

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2024: Q3Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use