On July 31st, the SEC instituted settled administrative proceedings against two investment advisory firms for failing to seek best execution on client trades placed with their in-house brokerage divisions. Without admitting or denying the allegations, A.R. Schmeidler & Co. agreed to pay more than $1 million to settle the charges. Separately, Gregory W. Goelzer and his firm Goelzer Investment Management agreed to pay nearly $500,000 to settle the charges made against them. SEC Press Release.