{"id":5693,"date":"2014-09-24T00:00:00","date_gmt":"2014-09-24T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2014\/09\/barclays_to_pay_15m_sec_settle"},"modified":"2022-03-11T13:24:22","modified_gmt":"2022-03-11T19:24:22","slug":"barclays-to-pay-15m-sec-settle","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/barclays-to-pay-15m-sec-settle\/","title":{"rendered":"Barclays to Pay $15M SEC Settlement Over Compliance Failures Following Lehman Brothers Acquisition, Pays $61.7M Fine to U.K.&#8217;s FCA Over Client Asset Issues"},"content":{"rendered":"\n<p>Barclays Capital Inc.  (BARC) has consented to pay $15 million to the U.S. Securities and Exchange Commission to resolve civil charges claiming that it did not make sure the financial institution was in proper compliance with securities laws and its own rules after acquiring Lehman Brothers&#8217; advisory division. According to the regulator, the firm did not adopt and execute written procedures and policies or keep up the needed records and books to stop certain violations.  <\/p>\n<p>For example, says the SEC, Barclays executed over 1,500 principal transactions with advisory client accounts but did not seek the necessary written disclosures and get the requisite customer consent. It also made money and charged fees and commissions that were not consistent with disclosures for 2,785 advisory client accounts, underreported assets under management by $754 million when amending its Form ADV a few years ago, and violated the Advisers Act\u2019s custody provisions. <\/p>\n<p>The violations caused clients to lose about $472,000 and pay more than they should have, while Barclays made additional revenue that was greater than $3.1 million. Barclays has since paid back or credited $3.8 million plus interest to customers who were affected.  It also consented to remedial action and will retain a compliance consultant to perform an internal review. <\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/barclays-to-pay-15m-sec-settle\/\"  title=\"Continue Reading Barclays to Pay $15M SEC Settlement Over Compliance Failures Following Lehman Brothers Acquisition, Pays $61.7M Fine to U.K.&#8217;s FCA Over Client Asset Issues\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Barclays Capital Inc. (BARC) has consented to pay $15 million to the U.S. Securities and Exchange Commission to resolve civil charges claiming that it did not make sure the financial institution was in proper compliance with securities laws and its own rules after acquiring Lehman Brothers&#8217; advisory division. According to the regulator, the firm did [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3756,3752,3760,3795,3761],"tags":[],"class_list":["post-5693","post","type-post","status-publish","format-standard","hentry","category-barclays-capital","category-financial-firms","category-sec-enforcement","category-sec-settlements","category-securities-and-exchange-commis"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Barclays to Pay $15M SEC Settlement Over Compliance Failures Following Lehman Brothers Acquisition, Pays $61.7M Fine to U.K.&#039;s FCA Over Client Asset Issues &#8212; Investor Lawyers Blog &#8212; September 24, 2014<\/title>\n<meta name=\"description\" content=\"Barclays Capital Inc. (BARC) has consented to pay $15 million to the U.S. Securities and Exchange Commission to resolve civil charges claiming that it did &#8212; September 24, 2014\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/barclays-to-pay-15m-sec-settle\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Barclays to Pay $15M SEC Settlement Over Compliance Failures Following Lehman Brothers Acquisition, Pays $61.7M Fine to U.K.&#039;s FCA Over Client Asset Issues &#8212; Investor Lawyers Blog &#8212; September 24, 2014\" \/>\n<meta name=\"twitter:description\" content=\"Barclays Capital Inc. (BARC) has consented to pay $15 million to the U.S. Securities and Exchange Commission to resolve civil charges claiming that it did &#8212; September 24, 2014\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Barclays to Pay $15M SEC Settlement Over Compliance Failures Following Lehman Brothers Acquisition, Pays $61.7M Fine to U.K.'s FCA Over Client Asset Issues &#8212; Investor Lawyers Blog &#8212; September 24, 2014","description":"Barclays Capital Inc. 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(BARC) has consented to pay $15 million to the U.S. Securities and Exchange Commission to resolve civil charges claiming that it did &#8212; September 24, 2014","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/barclays-to-pay-15m-sec-settle\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/barclays-to-pay-15m-sec-settle\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Barclays to Pay $15M SEC Settlement Over Compliance Failures Following Lehman Brothers Acquisition, Pays $61.7M Fine to U.K.&#8217;s FCA Over Client Asset Issues","datePublished":"2014-09-24T05:00:00+00:00","dateModified":"2022-03-11T19:24:22+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/barclays-to-pay-15m-sec-settle\/"},"wordCount":550,"articleSection":["Barclays Capital","Financial Firms","SEC Enforcement","SEC Settlements","Securities and Exchange Commission"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/barclays-to-pay-15m-sec-settle\/","url":"https:\/\/www.investorlawyers.com\/blog\/barclays-to-pay-15m-sec-settle\/","name":"Barclays to Pay $15M SEC Settlement Over Compliance Failures Following Lehman Brothers Acquisition, Pays $61.7M Fine to U.K.'s FCA Over Client Asset Issues &#8212; Investor Lawyers Blog &#8212; September 24, 2014","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"datePublished":"2014-09-24T05:00:00+00:00","dateModified":"2022-03-11T19:24:22+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"Barclays Capital Inc. 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