Ambassador Advisors was one of a few firms that challenged the SEC initiative that it said was creating new regulation without following the formal rulemaking process.
Ambassador Advisors was one of a few firms that challenged the SEC initiative that it said was creating new regulation without following the formal rulemaking process.
<p><span>Today, after an eight-day trial, a jury serving in the United States District Court for the Eastern District of Pennsylvania ruled in favor of the SEC against Bernard I. Bostwick, Robert E. Kauffman, and Adrian E. Young and their investment advisory firm, Ambassador Advisors, LLC, for breaching fiduciary duties in connection with mutual fund share class selection practices. Previously, the Court found that Ambassador Advisors failed to adopt and implement written policies and procedures reasonably designed to prevent violations of the Investment Advisers Act of 1940. </span></p>