Between January 2013 to March 2018, Sigma’s corporate RIA, Sigma Planning, recommended that clients buy higher-priced mutual fund share classes that charged 12b-1 fees instead of lower-cost share classes, the SEC alleges. The firm failed to disclose that it not only received a portion of those fees from the clearing broker but also avoided paying an asset-based fee on those products.
In addition, the regulator alleged that Sigma filed to disclose to clients that its broker/dealer received revenue-sharing payments in connection with tiered sponsorship agreements with various alternative investment sponsors.
The SEC also alleged that the RIA engaged in brokerage activities, yet was not registered as a broker/dealer; Sigma Financial Corp., of course, was.
Sigma Financial chief compliance officer John A. McClelland declined to comment on the enforcement action.
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