Regulatory Alerts2025-02-26
Consent Agreement and Order: Commonwealth of Pennsylvania v. Stout Bowman & Associates
The Pennsylvania Department of Banking and Securities issued a Consent Agreement and Order against Stout Bowman & Associates LLC for violating the Pennsylvania Securities Act of 1972 by failing to maintain adequate supervisory procedures for inverse ETFs. The firm agreed to pay a $70,000 administrative assessment in installments through December 2028 without admitting or denying the allegations. The order mandates strict compliance with state securities regulations and reserves the Department's right to impose additional sanctions for future non-compliance.
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