CCM has grappled with the SEC on compliance issues before. In 2013 the firm paid a civil penalty of $120,000 and hired an independent compliance consultant after a CCM associate stole $16 million from CCM investment advisory accounts, a malfeasance that was possible because the firm lacked certain required records, the filing said, noting that the SEC had taken into account CCM’s cooperation and swift remedial action when deciding on the size of the penalty. According to BrokerCheck, CCM fired its compliance officer immediately.
In 2019, CCM self-reported violations in connection with its mutual fund share class selection practices and the fees its affiliated broker received. Because of the self-reporting, the SEC did not impose a civil penalty, though the firm did pay $83,401 in disgorgement, which it distributed to affected investors.