The Securities and Exchange Commission has sanctioned an investment adviser, its affiliated broker-dealer and a registered representative for failing to provide clients with best execution by, among other things, overcharging them for securities transactions. Without admitting or denying the SEC's findings, the adviser, Tilden Loucks & Woodnorth, LLC; LaSalle St. Securities, LLC, the broker; and Ralph B. Loucks, the adviser's senior vice president and a registered rep associated with the broker, agreed to be fined $100,000, $100,000 and $25,000, respectively, the SEC said on Monday. The firms agreed to jointly and severally disgorge $170,319.94 and pay prejudgment interest of $16,531.06, and all three respondents will jointly and severally disgorge $16,288.18 and pay $1,579.43 in prejudgment interest. The SEC censured Tilden and Loucks, ordered all three respondents to cease and desist from violating Section 206(2) of the Investment Advisers Act of 1940, and ordered Tilden and
↧