SEC v. American Portfolios Financial Services, Inc. and American Portfolios Advisors, Inc. (2020)

Settled

✓ Checked against the primary document on October 3, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, with sampled and disputed records read a second time. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.

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In 2020, the Securities and Exchange Commission settled an action with American Portfolios Financial Services, Inc. and American Portfolios Advisors, Inc., over an unsuitable single-product recommendation. The release records a civil penalty of $650,000, disgorgement of $2,588.

The record

What was ordered

Civil penalty

$650k

Disgorgement

$2.6k

Prejudgment interest

$484

Total relief

$653k

Alleged gain

—

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

the Securities and Exchange Commission announced this matter on November 13, 2020 as release 3-20151. The respondents named are American Portfolios Financial Services, Inc. and American Portfolios Advisors, Inc. (0 individuals, 2 entities).

This order charges an unsuitable single-product recommendation. Both uses of "churning" describe what the firms' general exam program looked for, and the order states that program did not review the product at issue. This library does not tag the matter with any technique.

The conduct is recorded against equities and futures, with NYSE identified in the release.

The relief recorded in our data is a civil monetary penalty of $650,000, disgorgement of $2,588 and prejudgment interest of $484. The $650,000 penalty is joint; the disgorgement and interest are the brokerage's. Penalty and disgorgement are distinct: disgorgement returns the gain, while the penalty is punitive. We store them separately so that aggregate figures across the library are not double-counted.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the release.

Timeline

1. 2020-11-13 Administrative proceeding instituted (cease-and-desist)

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• SEC order

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Record added September 10, 2026. submit a correction.