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SEC takes action against 1st Global for 529 sales
(November 15, 2006) - The SEC has imposed remedial sanctions and a cease-and-desist order against 1st Global Capital Corp. for its 529 sales practices and supervisory failures. 1st Global will pay a $100,000 fine in settlement of the SEC's action.
The SEC found that 1st Global violated MSRB rules in its sales of 529 plans to clients from 2001 through 2004. Specifically, SEC found instances where 1st Global reps sold C-class units when A-class units would have produced better returns over the expected time period of investment based on the beneficiary's age at the time of contribution.