Regulatory Alerts2024-03-07
WealthU Advisors, LLC
The Pennsylvania Department of Banking and Securities issued an order against WealthU Advisors, LLC for failing to maintain current and accurate information in its Form ADV filings. The regulator determined that the firm violated Section 303.012(i) by not amending its registration materials within 30 days of material changes occurring between May 2019 and July 2024. As relief for these violations, the Department ordered the firm to pay a $2,500 administrative assessment within 90 days of the order's effective date.
FILED 2024 MAR 7 PM 2:17 PA DEPARTMENT OF BANKING AND SECURITIES
- WUA, CRD #300879, was, at all times material herein, a Pennsylvania limited liability company with an address at FACTUAL ALLEGATIONS
- From on or about July 30, 2019 to present, WUA has been registered pursuant to Section 301 of the 1972 Act, 70 P.S. § 1-301, as an investment adviser.
- Regulation 303.012(i), 10 Pa. Code § 303.012(i), requires investment advisers to "take steps necessary to ensure that material information contained in its Form ADV and exhibits remains current and accurate. If a material statement made in Form ADV and exhibits becomes incorrect or inaccurate the investment adviser shall file with the Department an amendment on Form ADV within 30 days of the occurrence of the event which requires the filing of the amendment."
- From in or about May 2019 to present, WUA failed to ensure that material information in contained in its Form ADV and exhibits was current and accurate. VIOLATION
- By engaging in the acts and conduct set forth in paragraphs 6 through 7 above, WUA failed to ensure that material information contained on Form ADV and its exhibits was current and accurate, and file with the Department an amendment on Form ADV within 30 days of the occurrence of the event which requires the filing of the amendment, which acts and conduct form a basis to deny, suspend, revoke, or condition the registration of WUA or censure WUA pursuant to Section 305(a)(v) of the 1972 Act, 70 P.S. § l-305(a)(v). RELIEF
- WUA shall pay the Department an administrative assessment in the amount of $2,500. Payment shall be made within 90 days of the effective date of this Order by certified check or money order that is made payable to the "Department of Banking and Securities" and shall be 2 Redacted
03/07/2024 Redacted
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