Ambassador Advisors, a Lancaster, Pennsylvania-based investment advisory firm, and three of the firm’s owners and executive officers will have to pay over $2 million to the U.S. Securities and Exchange Commission in restitution and civil penalties, a federal judge held Wednesday.
A jury previously determined that the individual defendants and Ambassador Advisors violated the Investment Advisers Act of 1940 when the firm failed to maintain policies and procedures created to safeguard the defendants’ fiduciary duties as required by SEC Rule 206(4)-7.
