Sanders Morris Harris Grp., Inc. (MM) (NASDAQ:SMHG)
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5 Years : From Oct 2012 to Oct 2017
Sanders Morris Harris Group (SMHG), a Houston-based investment firm with $11.8 billion under management, and two of its former employees face possible disciplinary action by the Financial Industry Regulatory Authority.
The firm disclosed in a regulatory filing Tuesday that it had received a Wells letter from Finra. The firm and the former employees, who were not named, face possible fines related to alleged violations of securities laws and Finra rules.
The case dates back to 2008, when a Finra examination of Sanders Morris Harris's broker-dealer activities uncovered deficiencies related to bookkeeping and conduct.
The firm said in the filing Tuesday that it is talking to Finra about resolving the case. The company's general counsel said all of the deficiencies occurred in 2006 and 2007 and have all been corrected.
-By Liz Moyer, Dow Jones Newswires; 212-416-2512; email@example.com