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Violation Tracker Individual Record

Company: KMS Financial Services, Inc.
Current Parent Company: Reverence Capital Partners
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
Recap of Ownership Changes:  subscribe to see this data field
Penalty: $1,025,722
Year: 2010
Date: August 20, 2010
Offense Group: financial offenses
Primary Offense: investor protection violation
Secondary Offense: financial institution supervision failures
Violation Description: KMS agreed to pay $975,722 in restitution and up to $50,000 in penalties and costs in settlement of allegations it failed to properly supervise a registered investment adviser who was accused of theft of clients money and promoting a Ponzi Scheme.
Level of Government: state
Action Type: agency action
Agency: Montana Commissioner of Securities & Insurance
Civil or Criminal Case: civil
Facility State: Montana
HQ Country of Current Parent: USA
HQ State of Current Parent: New York
Ownership Structure of Current Parent: privately held
Major Industry of Current Parent: private equity (including portfolio companies)
Specific Industry of Current Parent: private equity (including portfolio companies)
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.