Regulatory Alerts2024-01-31
Pennsylvania Department of Banking and Securities Order Against True Horizon Wealth Advisors, LLC
The Pennsylvania Department of Banking and Securities issued an order against True Horizon Wealth Advisors, LLC for failing to file required audited balance sheets while holding custody of client funds. The regulator determined that the firm's authorization to deduct advisory fees from client accounts at TD Ameritrade constituted custody under state regulations. As part of the settlement, the firm agreed to pay a $15,000 administrative assessment and comply with the 1972 Act without exercising its right to a hearing.
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