The Securities and Exchange Commission (SEC) has sanctioned an investment advisory firm and its owner for failing to seek the most beneficial terms reasonably available when investing for funds that they managed. Manarin Investment Counsel Ltd. and Roland R. Manarin violated their obligation to seek what is known as “best execution” by consistently selecting higher cost mutual fund shares for three fund clients even though cheaper shares in the same mutual funds were available.  As a result, the clients paid avoidable fees on their mutual fund holdings, which were passed through to a brokerage firm owned by Manarin in a practice inconsistent with the disclosures they made to investors.

Manarin and his firm have agreed to pay more than $1 million to settle the charges.