Playing a little too close to the political fires recently cost a Devon investment advisory firm $300,000, according to a report in the Wall Street Journal.
TL Ventures of Devon agreed to the settlement with the U.S. Securities and Exchange Commission last week after one of its associates allegedly made political contributions to Pennsylvania gubernatorial and Philadelphia mayoral candidates while the firm was being paid to advise state and city pension funds that those candidates could influence if elected, the article explained.
Read more about the SEC’s pay to play rule and circumstances that led to the settlement in the Wall Street Journal here.
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