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

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

Rating:An RIA Defeats an SEC Attack Over Rev-Sharing Disclosures Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, June 05, 2015

An RIA Defeats an SEC Attack Over Rev-Sharing Disclosures

Reported by Neil Anderson, Managing Editor

A Texas-based RIA just defeated an SEC (Securities and Exchange Commission) attack over revenue sharing disclosures. Yet the case might not be over yet.

Mark L. Robare
Robare & Jones Asset Managers
Principal, Founder
Yesterday Administrative Law Judge James Grimes dismissed the regulatory agency's case (technically an administrative proceeding) against the Houston-based Robare Group (dba Robare & Jones Asset Managers), Mark L. Robare, and Jack J. Jones Jr.. The SEC staffers could appeal the decision to the Commission itself, and any decision there could be appealed up through a U.S. Court of Appeals.

"We are reviewing the decision," an SEC spokesperson tells MFWire.

Jack L. Jones Jr.
Robare & Jones Asset Managers
Partner, Owner
MFWire could not immediately reach Robare himself (principal and founder of the firm) or Robare's attorney, Alan Wolper of Chicago-based Ulmer & Berne, for comment on the judge's decision.

"In listening to Mr. Robare and Mr. Jones testify and observing their demeanor under cross-examination, it is difficult to imagine them trying to defraud anyone, let alone their investment clients," the judge writes, adding that the duo "credibly testified that they did not know which funds paid fees under the Program" and "relied in good faith on the advice of its compliance firms."

In September the SEC accused the Robare Group of failing to adequately disclose (via its form ADV) revenue sharing payments, in the form of "servicing fee" and "custodial support services" agreements, that came to Robare through an unnamed broker-dealer thanks to using certain funds on an NTF (no transaction fee) mutual fund platform, also unnamed. The judge's order from yesterday reveals the NFT platform to be from Fidelity's National Financial Services and reveals Triad Advisors as the B-D in question.

MFWire could not immediately reach spokespeople for Fidelity and Triad for comment on the judge's decision. Neither Fidelity nor Triad were accused of any wrongdoing in the proceeding.

Robare & Jones works with more than $350 million in client assets. Robare is the principal and founder of the firm, and Jones, his son-in-law, is a partner and owner. 

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

 Do You Recommend This Story?

Return to Top
 News Archives
2022: Q2Q1
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

  1. Irish Funds Annual Global Funds Conference 2022, May 30-31
  2. WealthManagement Edge, May 31 - June 3
  3. MFDF 2022 Fund Governance and Regulatory Insights Conference, Jun 8-9
  4. 28th annual Expect Miracles East Coast Classic, June 9
  5. 2022 Sohn Investment Conference, June 9
  6. IDC webinar - Cybersecurity for Fund Boards: The Current Landscape, June 9
  7. MMI webinar - Driving Business Value with Artificial Intelligence & Data, June 15
  8. MFDF webinar - Key Takeaways From Morningstar's 2021 Annual Fund Fee Study, June 16
  9. MFDF Director Discussion Series - Open Forum (Chicago), June 21
  10. 2022 MMI Emerging Asset Managers Forum, June 23
  11. MFDF In Focus: Capitol Hill, A Conversation with Congressman Bryan Steil, June 28
  12. Financial Planning INVEST, Jun 28-29
  13. MFDF webinar - Differentiating Mutual-Fund-to-ETF Conversions, July 19
  14. MFDF Director Discussion Series - Open Forum (New York), July 20
  15. 2022 MMI Distribution Leadership Forum, Jul 20-21
  16. MFDF webinar - Fund Boards' Oversight of Investment Performance, July 28
  17. MFDF webinar - Performance, Perception and Manager Selection, September 14
  18. 2022 ICI Tax and Accounting Conference, Sep 18-21
  19. 5th annual Expect Miracles Atlantic Coast Classic, October 3
  20. Nicsa Fearless Leadership Symposium, Oct 6-7
  21. 2022 MMI Annual Conference, Oct 19-21
  22. 2022 IDC Fund Directors Conference, Oct 24-26
  23. 18th annual Expect Miracles Wine & Spirits Event, October 27
  24. Nicsa 2022 General Membership Meeting, October 31 - November 2
  25. Tiburon CEO Summit XLIII, Nov 7-9
  26. 2022 ICI Tech Summit, Nov 8-9

©All rights reserved to InvestmentWires, Inc. 1997-2022
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use