SEC Reins in
Administrator
of Self-Directed IRAs
from American Banker, Vol.
161 pg 33; Investment Products Section, June 17, 1996
partial reprint; contact American Banker for complete
text
EXCERPT:
"The Securities and Exchange
Commission has lowered the boom on an independent pension plan
administrator (Transcorp Pension Services) that was allegedly
operating as an unregistered broker-dealer."
OTHER POINTS:
 SEC issued cease-and-desist
order.
SEC said Transcorp "had
gone beyond just bookkeeping and gained too much leeway with
customers' assets without adequate supervision.... (including
to) write checks without any oversight."
Transcorp agreed to
abide by order but did not admit to any wrongdoing.
For complete text, contact
American Banker.
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