In the Matter of deVere USA, Inc.
Admin. Proc. File No. 3-18527
On June 4, 2018, the Commission instituted and simultaneously settled administrative proceedings (the “Order”) against deVere USA, Inc. (the “Respondent”). In the Order, the Commission found that from June 2013 and March 2016, the Respondent violated securities laws by providing investment advice to its clients without disclosing arrangements in which the Respondent was compensated for recommending certain investment products. The Commission ordered the Respondent to pay a civil money penalty of $8,000,000.00. The Commission also created a Fair Fund, pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, as amended, so the penalties paid can be distributed to those harmed by the Respondent’s misconduct described in the Order (“Fair Fund”). See the Commission’s Order: Release No. IA-4933.
The Respondent has paid $8,000,000.00 into the Fair Fund for distribution to harmed investors.
For more information, please contact the Commission:
Office of Distributions