Regulatory Alerts2023-12-28
Commonwealth of Pennsylvania Department of Banking and Securities v. Duke and Duke Wealth Management, LLC
The Pennsylvania Department of Banking and Securities issued a Consent Agreement and Order against Duke and Duke Wealth Management, LLC for violating the Pennsylvania Securities Act of 1972 through failures in custody compliance, supervision, and recordkeeping. The firm admitted to operating without required written supervisory procedures, maintaining inaccurate Form ADV disclosures, and failing to keep mandated books and records regarding client transactions and communications. As relief, Duke agreed to pay a $100,000 administrative assessment and waived its right to a hearing or appeal regarding the imposed sanctions.
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