SEC Fines One Oak Capital, Rep Over Account Conversions

What You Need To Know

• One Oak and Michael DeRosa ignored their fiduciary duty to clients, the SEC said.
• The firm and rep failed to adequately disclose that conversions from brokerage to advisory accounts would result in significantly higher fees, the SEC states.
• As the first SEC action under the Trump administration, the case could signal a renewed focus on retail investors, a consultant says.