Sanders Morris Harris, Inc. (CRD #20580, Houston, Texas) recently submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $75,000. Without admitting or denying the findings, the firm consented to the described sanctions and to the entry of findings that firm registered representatives distributed nine pieces of hedge fund advertising material to retail customers that failed to disclose risks associated with investing in hedge funds, contained charts or graphs that were unclear and omitted material information, contained misleading statements that were promissory of positive future returns, implied that negative returns could be avoided and/or implied that past performance is indicative of future positive returns.
The findings also stated that the firm distributed two of the subject advertising pieces to retail customers without principal review.
This information which is publicly available on FINRA’s website has been provided by The White Law Group, LLC.
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