SEC Charges Broker-Dealer Nationwide Planning and Two Affiliated Investment Advisers with Violating Whistleblower Protection Rule

'The Securities and Exchange Commission (SEC) announced settled charges against three affiliated registrants, including Nationwide Planning Associates, Inc., NPA Asset Management, LLC, and Blue Point Strategic Wealth Management, LLC. The firms agreed to pay a combined civil penalty of $240,000 for impeding clients from reporting securities law violations to the SEC by asking them to sign confidentiality agreements that restricted communication with the SEC. The agreements were intended to compensate clients for losses caused by the firms' alleged breaches of federal or state securities laws. The SEC's order finds that the agreements contained provisions that prohibited clients from reporting potential securities law violations to the SEC without first receiving an inquiry from the Commission. The firms agreed to cease and desist from violating whistleblower protection rules, with NPA paying $160,000, Nationwide paying $70,000, and Blue Point paying $10,000.'