In the Matter of Modern Portfolio Management, Inc.

Exchange Act Release No. 3702 (2013)

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In the Matter of Modern Portfolio Management, Inc.

United States Securities and Exchange Commission
Exchange Act Release No. 3702 (2013)

Facts

Thomas Damasco (defendant) and Bryan Ohm (defendant) were the principal shareholders of Modern Portfolio Management, Inc. (MPM) (defendant), an investment advisory firm registered with the Securities and Exchange Commission (SEC). Damasco and Ohm appointed an inexperienced employee to be MPM’s Chief Compliance Officer (CCO) and review MPM’s marketing materials and website to make sure that the marketing materials and website were truthful, accurate, and in compliance with MPM’s policies and procedures. The SEC issued deficiency letters to MPM, finding that the marketing materials and website contained false or misleading statements and that MPM failed to conduct the necessary compliance reviews. MPM took only partial corrective action but failed to remedy other compliance issues noted in the SEC’s deficiency letters. The SEC commenced an enforcement proceeding against MPM, Damasco, and Ohm.

Rule of Law

Issue

Holding and Reasoning ()

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