SEC Reins in
Administrator
of Self-Directed IRAs

EXCERPT:

"The Securities and Exchange Commission has lowered the boom on an independent pension plan administrator (Transcorp Pension Services) that was allegedly operating as an unregistered broker-dealer."

OTHER POINTS:

-- SEC issued cease-and-desist order.

-- SEC said Transcorp "had gone beyond just bookkeeping and gained too much leeway with customers' assets without adequate supervision.... (including to) write checks without any oversight."

-- Transcorp agreed to abide by order but did not admit to any wrongdoing.

For complete text, contact American Banker.