The Securities and Exchange Commission filed an administrative complaint against an investment advisory firm and its co-owners for their failure to disclose to their customers a material conflict of interest. The respondents are alleged to have recommended from 2005 through December 2011 that their clients invest in particular mutual funds at a broker-dealer without disclosing in any manner that they received payment from the broker-dealer offering the funds. The SEC claims that, from December 2011 through 2013, the respondents made some disclosures, but they were inadequate. During the relevant time, the firm received almost US $450,000 in payments from the broker-dealer as a result of the sale of the particular mutual funds. The respondents are The Robare Group, Ltd., Mark Robare, the firm’s founder and an 83% owner, and Jack Jones, a 17% owner.