Civil penalty of $225,000 leveled on firm over charges of failing to safeguard client assets and misleading investors regarding redemption practices. The firm was charged with breaching the custody rule of the Investment Advisers Act by not ensuring that certain crypto assets under its management were held with a qualified custodian. Instead, the firm opted to hold client assets with a firm that did NOT meet the requirements for qualified custodians.
Crypto Custody Failure
Colleen MacFarlane
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