A New York RIA's sanction and suspension by the SEC has had ripple effects at platform service provider Dynasty Financial Partners, which had been working with the firm for less than two years.

The SEC charged Further Lane Asset Management and its chief executive, Joseph Michael Araiz, with engaging in fraud related to a fund-of-funds under their control and other securities law violations. The firm and Araiz consented to a censure and cease-and-desist order, the SEC says, with Araiz agreeing to pay a $150,000 penalty and a one-year suspension from the industry.

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