Compass Municipal Advisors LLC
05/27/2026 | Press release | Distributed by Public on 05/28/2026 05:56
Amendment to Municipal Advisory Activities (Form MA-I/A)
FORM MA-I/A
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
OMB APPROVAL
AMENDMENT TO THE MUNICIPAL ADVISOR'S MOST RECENT FORM MA-I
OMB Number: 3235-0681
Estimated average burden hours per response: 0.5
Form MA-I Applicant's Information
Filer's CIK:
0001625387
Filer's CCC:
Submission Contact Information
Notification Information
Notification will automatically be sent to the Login CIK, Submission Contact, and Primary Issuers. Specify additional addresses below.
Email Address:
Please read the General Instructions for this form and other forms in the MA series, as well as its subsection, "Specific Instructions for Form MA-I," before completing this form. All italicized terms herein are defined or described in the Glossary of Terms appended to the General Instructions.
PART 1
This form must be completed by
Every municipal advisory firm applying for registration or registered as a municipal advisor on Form MA, to provide information regarding each natural person who is an associated person of the firm and engages in municipal advisory activities on the firm's behalf (for purposes of Form MA-I, the "individual"); and
Every natural person (sole proprietor) applying for registration as a municipal advisor on Form MA, to provide additional personal information.
WARNING
Complete this form truthfully. False statements or omissions may result in denial of a municipal advisor's application, revocation or suspension of such registration, or criminal prosecution. Form MA-I must be amended promptly whenever any information previously provided becomes inaccurate. See General Instruction 9.
Type of Filing:
This is an (check the appropriate box):
Initial Form MA-I
Execution Pages: Before submitting this form, you must complete the Execution Page.
Supporting Documentation: If you are required to make reportable disclosures in the Disclosure Reporting Pages, you must attach the supporting documentation.
Non-Resident Individuals: If the individual is a non-resident of the United States, you must attach a completed Form MA-NR signed by the individual to this Form MA-I at the time of initial filing of Form MA-I. See the General Instructions.
Amendment to the most recent Form MA-I
Amendment to indicate that the individual is no longer an associated person of the municipal advisory firm or no longer engages in municipal advisory activities on its behalf. (If you check this box, complete only Item 1-A and Item 7 below.)
Item 1 Identifying Information
A. The Individual
Full Legal Name:
Enter all the letters of each name and not initials or other abbreviations. If no middle name, enter NMN on that line.
Last Name:
Gallagher
First Name:
Robert
Middle Name:
Michael
Suffix:
Individual CRD No.: (if any)
4631715
B. Municipal Advisory Firms Where the Individual Is Employed
In providing your responses, please note that the definition of "employee" for purposes of this form includes an independent contractor who engages in municipal advisory activities on behalf of a municipal advisory firm. See Glossary of Terms.
Is the individual employed at more than one municipal advisory firm?
YES NO
Enter the number of municipal advisory firms the individual is employed with (sole proprietors not employed with any other firm enter 1).
(For individuals who are employed with more than one firm, provide the information required by this Item 1-B for each such firm. For sole proprietors, enter the legal name under which you conduct your municipal advisor-related activities, and skip to Item 1-B.1.)
1
Municipal Advisory Firm's CIK:
Full Legal Name of municipal advisory firm with which the individual is employed:
Compass Municipal Advisors, LLC
Name under which municipal advisor-related business is primarily conducted, if different from above:
Date that the individual's most recent employment with this municipal advisory firm commenced (MM/DD/YYYY):
11-14-2014
Does the individual have an independent contractor relationship with the above-named firm?
YES NO
(1) Municipal Advisory Firm's Registration Information:
Notification will automatically be sent to the Login CIK, Submission Contact, and Primary Issuers. Specify additional addresses below.
Is the municipal advisory firm currently registered on Form MA as a municipal advisor? (Answer "Yes" if you have already filed Form MA and your application for registration on that form has been approved. Otherwise, answer "No.")
YES NO
SEC File No.:
867-01272
(2) Office
Enter the requested information for each office of the municipal advisory firm where the individual is or will be physically located, and each office from which the individual is or will be supervised:
The individual is or will be Located At Supervised From
Start Date:
12-31-2015
Street Address 1:
1310 Pulaski Street
Street Address 2:
City:
COLUMBIA
State/Country:
SC
Postal Code:
29201
Private Residence Check Box: Is the Office of Employment address a private residence?
A private residential address will not be included in publicly available versions of this registration form.
YES NO
The individual is or will be Located At Supervised From
Start Date:
12-31-2015
Street Address 1:
110 W Vine Street
Street Address 2:
Suite 240
City:
Lexington
State/Country:
KY
Postal Code:
40507
Private Residence Check Box: Is the Office of Employment address a private residence?
A private residential address will not be included in publicly available versions of this registration form.
YES NO
Item 2 Other Names
Enter the following information for all other names that the individual has used or is using, or by which the individual is known or has been known, other than the individual´s legal name, since the age of 18.
This space should include, for example, nicknames, aliases, and names used before or after marriage.
Item 3 Residential History
Starting with the current address, enter the following information for all the individual´s residential addresses for the past 5 years. Leave no gaps greater than three months between addresses. Report changes in an amendment to this form as they occur in the future. Private residential addresses will not be included in publicly available versions of this form.
Current Address
From:
To:
Street Address 1:
Street Address 2:
City:
State/Country:
Postal Code:
Item 4 Employment History
Provide complete employment history of the individual for the past 10 years. Include the municipal advisory firm(s) entered in Item 1-B. Enter the following information for each employer. Account for all time, leaving no gaps longer than three months. Include full- and part-time employment, self-employment, military service, and homemaking. Also include statuses such as unemployed, full-time education, extended travel, or other similar statuses. Such statuses should be entered in the space provided below for "Name of Municipal Advisory Firm or Company."
Current Employer
From:
11-2014
To: of Municipal Advisory Firm or Company:
Name of Municipal Advisory Firm or Company:
Compass Municipal Advisors, LLC
City: of Municipal Advisory Firm or Company:
COLUMBIA
State/Country: of Municipal Advisory Firm or Company:
SC
Postal Code:
29201
Municipal Advisor-Related Business?
YES NO
Investment-Related Business?
YES NO
Position Held:
Director
Prior to the Above
Prior employment history must be entered in reverse chronological order.
Prior Address
From (MM/YYYY):
01-2012
To (MM/YYYY):
11-2014
Name of Municipal Advisory Firm or Company:
Southwest Securities, Inc.
City:
Lexington
State/Country:
SC
Postal Code:
29201
Municipal Advisor-Related Business?
YES NO
Investment-Related Business?
YES NO
Position Held:
Senior Vice President (currently employed per Item 1(B))
Prior Address
From (MM/YYYY):
02-2003
To (MM/YYYY):
01-2012
Name of Municipal Advisory Firm or Company:
Ross, Sinclaire & Associates, LLC
City:
Lexington
State/Country:
SC
Postal Code:
29201
Municipal Advisor-Related Business?
YES NO
Investment-Related Business?
YES NO
Position Held:
Vice President
Item 5 Other Business
Is the individual currently engaged in any other business either as a proprietor, partner, officer, director, employee, trustee, agent or otherwise?
YES NO
If "Yes", please enter the following details for each other business below:
Other Business
Start Date:
07-2015
Name of Business:
Compass Columbia, LLC
Street Address 1:
1310
Street Address 2:
City:
Columbia
State/Country:
SC
Postal Code:
29201
Is this a municipal advisor-related business?
YES NO
Is this an investment-related business?
YES NO
Nature of Business:
Real Estate Holding Company
Position/Title/Relationship:
Owner
Approximate No. of Hours/Month Devoted to This Business:
0
Description of Duties:
N/A
Other Business
Start Date:
03-2005
Name of Business:
South Carolina Association of School Business Officials
Street Address 1:
P O Box 6563
Street Address 2:
City:
Columbia
State/Country:
SC
Postal Code:
29260
Is this a municipal advisor-related business?
YES NO
Is this an investment-related business?
YES NO
Nature of Business:
Ex-Officio Member of Executive Committee
Position/Title/Relationship:
Vendor Representitive
Approximate No. of Hours/Month Devoted to This Business:
4
Description of Duties:
Liaison for vendors and resource for Board
Other Business
Start Date:
01-2019
Name of Business:
Crab Creek Holdings LLC
Street Address 1:
767 Bounty Square Dr
Street Address 2:
City:
Charleston
State/Country:
SC
Postal Code:
29492
Is this a municipal advisor-related business?
YES NO
Is this an investment-related business?
YES NO
Nature of Business:
Lending/holding company
Position/Title/Relationship:
Member
Approximate No. of Hours/Month Devoted to This Business:
2
Description of Duties:
Pass thru entity to hold personal investments, monitoring and record keeping
Other Business
Start Date:
02-2022
Name of Business:
Crab Creek Properties LLC
Street Address 1:
767 Bounty Square Dr
Street Address 2:
City:
Charleston
State/Country:
SC
Postal Code:
29492
Is this a municipal advisor-related business?
YES NO
Is this an investment-related business?
YES NO
Nature of Business:
Real estate holding company
Position/Title/Relationship:
member
Approximate No. of Hours/Month Devoted to This Business:
1
Description of Duties:
member
Other Business
Start Date:
01-2026
Name of Business:
Compass Holdings Group, Inc.
Street Address 1:
110 West Vine Street
Street Address 2:
Suite 240
City:
Lexington
State/Country:
KY
Postal Code:
40507
Is this a municipal advisor-related business?
YES NO
Is this an investment-related business?
YES NO
Nature of Business:
Holdings Group
Position/Title/Relationship:
Owner/Member
Approximate No. of Hours/Month Devoted to This Business:
10
Description of Duties:
Ownership and Member duties
Item 6 Disclosure Information
IF THE ANSWER TO ANY OF THE QUESTIONS IN ITEMS 6A - 6J AND 6M IS "YES," PROVIDE DETAILS OF ALL EVENTS OR PROCEEDINGS ON THE APPROPRIATE DISCLOSURE REPORTING PAGES (DRPs).
One event or proceeding may result in the requirement to answer "Yes" to more than one question below.
Refer to the Glossary of Terms for definitions or descriptions of italicized terms.
CRIMINAL ACTION DISCLOSURE
If the answer is "Yes" to any question below in Item 6A or 6B, complete a Criminal Action DRP.
Item 6A.
(1) Has the individual ever:
(a) been convicted of any felony, or pled guilty or nolo contendere ("no contest") to any charge of a felony in a domestic, foreign, or military court?
YES NO
(b) been charged with any felony?
YES NO
(2) Based upon activities that occurred while the individual exercised control over it, has an organization ever:
(a) been convicted of any felony or pled guilty or nolo contendere ("no contest") in a domestic or foreign court to any charge of a felony?
YES NO
(b) been charged with any felony?
YES NO
Item 6B.
(1) Has the individual ever:
(a) been convicted of any misdemeanor or pled guilty or nolo contendere ("no contest") in a domestic, foreign or military court to any charge of a misdemeanor involving: municipal advisory activities or a municipal advisor-related or investment-related business or any fraud, false statements or omissions, wrongful taking of property, bribery, perjury, forgery, counterfeiting, extortion, or a conspiracy to commit any of these offenses?
YES NO
(b) been charged with any misdemeanor of the kind described in 6B(1)(a)?
YES NO
(a) been convicted of any misdemeanor or pled guilty or nolo contendere ("no contest") in a domestic or foreign court to any charge of a misdemeanor of the kind specified in 6B(1)(a)?
YES NO
(b) been charged with any misdemeanor of the kind specified in 6B(1)(a)?
YES NO
REGULATORY ACTION DISCLOSURE
If the answer is "Yes" to any question below in Items 6C-6G(1), complete a Regulatory Action DRP.
Item 6C.
Has the SEC or the CFTC ever:
(1) found the individual to have made a false statement or omission?
YES NO
(2) found the individual to have been involved in a violation of any SEC or CFTC regulation or statute?
YES NO
(3) found the individual to have been a cause of a denial, suspension, revocation, or restriction of the authorization of a municipal advisor-related business or investment-related business to operate?
YES NO
(4) entered an order against the individual in connection with municipal advisor-related or investment-related activity?
YES NO
(5) imposed a civil money penalty on the individual, or ordered the individual to cease and desist from any activity?
YES NO
(6) found the individual to have willfully violated any provision of the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Advisers Act of 1940, the Investment Company Act of 1940, the Commodity Exchange Act, or any rule or regulation under any of such Acts, or any of the rules of the MSRB, or found the individal to have been unable to comply with any provision of such Acts, rules or regulations?
YES NO
(7) found the individual to have willfully aided, abetted, counseled, commanded, induced, or procured the violation by any person of any provision of the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Advisers Act of 1940, the Investment Company Act of 1940, the Commodity Exchange Act, or any rule or regulation under any of such Acts, or any of the rules of the MSRB?
YES NO
(8) found the individual to have failed reasonably to supervise another person subject to his or her supervision, with a view to preventing the violation of any provision of the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Advisers Act of 1940, the Investment Company Act of 1940, the Commodity Exchange Act, or any rule or regulation under any of such Acts, or any of the rules of the MSRB?
YES NO
Item 6D.
(1) Has any other federal regulatory agency or any state regulatory agency or foreign financial regulatory authority ever:
(a) found the individual to have made a false statement or omission or to have been dishonest, unfair or unethical?
YES NO
(b) found the individual to have been involved in a violation of municipal advisor-related or investment-related regulation(s) or statute(s)?
YES NO
(c) found the individual to have been a cause of a denial, suspension, revocation, or restriction of the authorization of a municipal advisor-related or investment-related business to operate?
YES NO
(d) entered an order against the individual in connection with a municipal advisor-related or investment-related activity?
YES NO
(e) denied, suspended, or revoked the individual's registration or license or otherwise, by order, prevented the individual from associating with a municipal advisor-related or investment-related business or restricted his or her activities?
YES NO
(2) Has the individual ever been subject to any final order of a state securities commission (or any agency or office performing like functions), a state authority that supervises or examines banks, savings associations, or credit unions, a state insurance commission (or any agency or office performing like functions), a federal banking agency, or the National Credit Union Administration, that:
(a) bars the individual from association with an entity regulated by such commission, authority, agency, or office, or from engaging in the business of securities, insurance, banking, savings association activities, or credit union activities; or
YES NO
(b) is based on violations of any laws or regulations that prohibit fraudulent, manipulative, or deceptive conduct?
YES NO
Item 6E.
Has any self-regulatory organization or commodities exchange ever:
(1) found the individual to have made a false statement or omission?
YES NO
(2) found the individual to have been involved in a violation of its rules (other than a violation designated as a "minor rule violation" under a plan approved by the SEC)?
YES NO
(3) found the individual to have been a cause of a denial, suspension, revocation, or restriction of the authorization of a municipal advisor-related or investment-related business to operate?
YES NO
(4) disciplined the individual by expelling or suspending him or her from membership, barring or suspending the individual's association with its members, or restricting the individual's activities?
YES NO
(5) found the individual to have willfully violated any provision of the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Advisers Act of 1940, the Investment Company Act of 1940, the Commodity Exchange Act, or any rule or regulation under any of such Acts, or any of the rules of the MSRB, or found the individual to have been unable to comply with any provision of such Acts, rules or regulations?
YES NO
(6) found the individual to have willfully aided, abetted, counseled, commanded, induced, or procured the violation by any person of any provision of the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Advisers Act of 1940, the Investment Company Act of 1940, the Commodity Exchange Act, or any rule or regulation under any of such Acts, or any of the rules of the MSRB?
YES NO
(7) found the individual to have failed reasonably to supervise another person subject to your supervision, with a view to preventing the violation of any provision of the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Advisers Act of 1940, the Investment Company Act of 1940, the Commodity Exchange Act, or any rule or regulation under any of such Acts, or any of the rules of the MSRB?
YES NO
Item 6F.
Has the individual ever had an authorization to act as an attorney, accountant or federal contractor that was revoked or suspended?
YES NO
Item 6G.
Has the individual been notified, in writing, that he or she is currently the subject of any:
(1) regulatory complaint or proceeding that could result in a "Yes" answer to any part of 6C, D or E?
YES NO
INVESTIGATION DISCLOSURE
If the answer is "Yes" to Item 6G(2) below, complete an Investigation DRP.
(2) investigation that could result in a "Yes" answer to any part of 6A, B, C, D or E? (If "Yes," complete the Investigation Disclosure Reporting Page.)
YES NO
CIVIL JUDICIAL ACTION DISCLOSURE
If the answer is "Yes" to any question below in Item 6H, complete a Civil Judicial Action DRP.
Item 6H.
(1) Has any domestic or foreign court ever:
(a) enjoined the individual in connection with any municipal advisor-related or investment-related activity?
YES NO
(b) found that the individual was involved in a violation of any municipal advisor-related or investment-related statute(s) or regulation(s)?
YES NO
(c) dismissed, pursuant to a settlement agreement, a municipal advisor-related or investment-related civil action brought against the individual by a domestic jurisdiction or foreign financial regulatory authority?
YES NO
(2) Is the individual named in any currently pending civil proceeding that could result in a "Yes" answer to any part of 6H(1)?
YES NO
CUSTOMER COMPLAINT/ARBITRATION/CIVIL LITIGATION DISCLOSURE
If the answer is "Yes" to any question below in Item 6I, complete a Customer Complaint/Arbitration/Civil Litigation DRP.
Item 6I.
(1) Has the individual ever been the subject of a municipal advisor-related or investment-related, customer-initiated (written or oral) complaint that alleged that he or she was involved in fraud, false statements, omissions, theft, embezzlement, wrongful taking of property, bribery, forgery, counterfeiting, extortion, or dishonest, unfair or unethical practices, which:
(a) is still pending, or;
YES NO
(b) was settled?
YES NO
(a) is still pending, or;
YES NO
(b) resulted in an arbitration award or civil judgment against the individual, regardless of amount, or;
YES NO
(c) was settled?
YES NO
TERMINATION DISCLOSURE
If the answer is "Yes" to any question below in Item 6J, complete a Termination DRP.
Item 6J.
Has the individual ever voluntarily resigned, been discharged or permitted to resign after allegations were made that accused him or her of:
(1) violating municipal advisor-related or investment-related statutes, regulations, rules, or industry standards of conduct?
YES NO
(2) fraud or the wrongful taking of property?
YES NO
(3) failure to supervise in connection with municipal advisor-related or investment-related statutes, regulations, rules or industry standards of conduct?
YES NO
FINANCIAL DISCLOSURE
Item 6K.
Within the past 10 years:
(1) has the individual made a compromise with creditors, filed a bankruptcy petition or been the subject of an involuntary bankruptcy petition?
YES NO
(2) based upon events that occurred while the individual exercised control over it, has an organization made a compromise with creditors, filed a bankruptcy petition or been the subject of an involuntary bankruptcy petition?
YES NO
(3) based upon events that occurred while the individual exercised control over it, has a broker or dealer been the subject of an involuntary bankruptcy petition, had a trustee appointed, or had a direct payment procedure initiated under the Securities Investor Protection Act?
YES NO
Item 6L.
Has a bonding company ever denied, paid out on, or revoked a bond for the individual?
YES NO
JUDGMENT/LIEN DISCLOSURE
If the answer is "Yes" to any question below in Item 6M, complete a Judgment/Lien DRP.
Item 6M.
Are there currently any unsatisfied judgments or liens against the individual?
YES NO
Item 7 Signature and Self-Certification
NOTE: In addition to completing Item 7, to the extent that the individual is a non-resident, a Form MA-NR completed and signed by the individual must be attached as an exhibit to this Form MA-I.
Complete Either Subpart A or Subpart B:
By typing a name in the signature field, the signatory acknowledges and represents that the entry constitutes in every way, use, or aspect, his or her legally binding signature.
A. For Municipal Advisory Firms filing this form:
The municipal advisory firm has obtained and retained written consent from the individual that service of any civil action brought by, or notice of any proceeding before, the SEC or any self-regulatory organization in connection with the individual's municipal advisory activities may be given by registered or certified mail to the individual's address given in Item 1.
I, the undersigned, sign this Form MA-I on behalf of, and with the authority of, the municipal advisory firm that is filing this form. The municipal advisory firm and I both certify, under penalty of perjury under the laws of the United States of America, that the information and statements made in this Form MA-I, including exhibits and any other information submitted, are true and correct, and that I am signing this Form MA-I as a free and voluntary act.
Date:
05-27-2026
By (signature):
Kenneth McManus
Title:
SVP, Alternative Regulatory Solutions LLC
B. For Natural Person Municipal Advisors (Sole Proprietors) filing this form:
The individual named below consents that service of any civil action brought by, or notice of any proceeding before, the SEC or any self-regulatory organization in connection with the individual's municipal advisory activities may be given by registered or certified mail to the individual's address given in Item 1.
I, the undersigned, certify, under penalty of perjury under the laws of the United States of America, that the information and statements made in this Form MA-I, including exhibits and any other information submitted, are true and correct, and that I am signing this Form MA-I Execution Page as a free and voluntary act.
Date:
Full Legal Name of Municipal Advisor:
Enter all the letters of each name and not initials or other abbreviations. If no middle name, enter NMN on that line.
Last Name:
First Name:
Middle Name:
Suffix:
Individual CRD No. (if any):
By (signature):
Warning: Intentional misstatements or omissions of fact constitute Federal criminal violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).12.
CUSTOMER COMPLAINT / ARBITRATION / CIVIL LITIGATION DISCLOSURE REPORTING PAGE (MA-I)
CUSTOMER COMPLAINT / ARBITRATION / CIVIL LITIGATION ACTION DRP - PART 1
This Disclosure Reporting Page (DRP MA-I) is an INITIAL or AMENDED response to report details for affirmative response(s) to Question(s) 6I on Form MA-I.
Check the question(s) to which this DRP pertains:
6I(1)(a)
6I(2)(a)
6I(2)(c)
6I(1)(b)
6I(2)(b)
Is this DRP an amendment that seeks to remove a previously filed DRP concerning the individual from the record?
YES NO
The reason the DRP should be removed is:
The event or proceeding was resolved in the individual's favor
The DRP was filed in error.
Explain the circumstances:
How to Report a Matter or a Proceeding on this DRP: Use a separate DRP for each matter or proceeding. One matter may result in more than one affirmative answer to the above items. Use a single DRP to report details relating to a particular matter (i.e., a customer complaint, arbitration, CFTC reparation, or civil litigation). If an event gives rise to separate proceedings by more than one regulator or other authority, or other plaintiff, provide details for each proceeding on a separate DRP. Separate cases arising out of the same matter, and unrelated civil judicial actions, must be reported on separate DRPs; if they are later consolidated into a single civil judicial action, the consolidated action can be reported on one DRP.
DRP On File for This Event : Is an accurate and up-to-date DRP containing the information regarding the individual required by this DRP already on file (a) in the IARD or CRD system (with a Form ADV, BD, or U4), or (b) in the SEC's EDGAR system (with a Form MA or Form MA-I)?
YES NO
Note: The filer may identify a DRP filed by the individual directly, or filed by another SEC-registrant about the individual as an associated person.
If the answer is "Yes," provide the applicable information indicated below that identifies where the DRP may be found.
NOTE: The completion of all or any part of this form does not relieve the individual or any municipal advisor with which the individual is associated of the obligation to update any relevant Form MA or IARD or CRD records.
Disclosure Instructions and the Individual's Status: You must indicate the individual's status in Items II and III below.
CUSTOMER COMPLAINT / ARBITRATION / CIVIL LITIGATION ACTION DRP - PART 2
I. All Matters: Items 1-6. Complete Items 1-6 for all matters, whether or not the individual is named as a party, including:
A. Customer complaints, arbitrations / CFTC reparations and civil litigation in which the individual is not named as a party, as well as,
B. Arbitrations / CFTC reparations and civil litigation in which the individual is named as a party.
II. If the individual is not named as a party, check here And complete Items 7-11.
A. If the matter involves a customer complaint, or an arbitration / CFTC reparation or civil litigation in which the individual is not named as a party, complete Items 7-11 as appropriate.
B. If a customer complaint has evolved into an arbitration / CFTC reparation or civil litigation, amend the existing Disclosure Form by completing Items 9 and 10.
III. If the individual is named as a party, check here: And check the appropriate boxes below:
A. Arbitration / CFTC Reparation:
If the matter involves an arbitration / CFTC reparation in which the individual is a named party, check here And complete Items 12-16, as appropriate.
B. Civil Litigation: If the matter involves a civil litigation in which the individual is a named party, check here And complete Items 17-23.
IV. Summary of the Circumstances: Item 24.
This is an optional space and applies to all event types (i.e., customer complaint, arbitration/CFTC reparation, civil litigation).
Complete Items 1-6 for all matters (i.e., customer complaints, arbitrations/CFTC reparations, civil litigation).
1. Customer Name(s):
Berkeley County School District
2. A. Customer(s) State of Residence or domicile, if applicable :
SOUTH CAROLINA
B. Does/do the customer(s) have other state(s) of residence or domicile, if applicable?
YES NO
If "Yes," provide the information:
3. Employing Firm:
Provide the full legal name of the individual's employing firm, if any, when activities occurred which led to the customer complaint, arbitration, CFTC reparation or civil litigation (if there was no such employing firm at that time, enter "None"). Enter the employing firm's MA and CRD registration numbers below, if any.
A. Employing Firm:
Compass Municipal Advisors, LLC and Southwest Securities, Inc.
B. Municipal Advisor Registration Number, if any:
867-01272
C. CRD Number, if any:
6220
4. Product Type(s): (select all that apply)
No Product
Annuity-Charitable
Direct Investment-DPP & LP Interest
Oil & Gas
Annuity-Fixed
Equipment Leasing
Options
Annuity-Variable
Equity Listed (Common & Preferred Stock)
Penny Stock
Banking Product
(other than CD)
(other than CD)
Equity-OTC
Prime Bank Instrument
Futures-Commodity
Promissory Note
CD
Futures-Financial
Real Estate Security
Commodity Option
Index Option
Security Futures
Debt-Asset Backed
Insurance
Security-based Swap
Debt-Corporate
Investment Contract
Swap
Debt-Government
Money Market Fund
Unit Investment Trust
Debt-Municipal
Mutual Fund
Viatical Settlement
Derivative
Other Product Type?
YES NO
If "Yes," describe each additional product type:
5. Allegation(s):
Describe the allegation(s) and provide a brief summary of events related to the allegation(s), including dates when activities leading to the allegation(s) occurred:
The civil complaint arose from the embezzlement and misappropriation of funds by the school district's former chief financial officer. The complaint asserted claims for common law fraud, conversion, breach of fiduciary duty, aiding and abetting breach of fiduciary duty, negligence, civil conspiracy, violations of the South Carolina unfair trade practices act, constructive trust unjust enrichment and breach of contract. The complaint alleged that some or all defendants had undisclosed conflicts of interests, charged excessive fees, caused the school district to issue debt more frequently than necessary, charged the district unnecessary expenses, and concealed the CFO's fraud, among other things. The complaint sought repayment of fees for the period 2007 to 2016. Defendants disputed the allegations but agreed to settle the case without admitting wrongdoing to avoid the expense and uncertainty of litigation.
6. Alleged Compensatory Damage(s)
A. Do the allegations include any amount(s) for compensatory damage(s)?
YES NO
B. If "Yes," indicate the amount:
$
Exact Explanation
If not exact, provide explanation:
Plaintiffs seek damages of $50,000,000.00 on compensatory, treble, and punitive damages.
If the Individual Is Not a Named Party: If the matter involves a customer complaint, arbitration/CFTC reparation or civil litigation in which the individual is not named as a party, complete items 7-11 as appropriate.
If the Individual Is a Named Party: Report in Items 12-16, or 17-23, as appropriate, only arbitrations/CFTC reparations or civil litigation in which the individual is named as a party.
7. A. Is this an oral complaint?
YES NO
B. Is this a written complaint?
YES NO
C. Is this an arbitration/CFTC reparation or civil litigation?
YES NO
If "Yes," provide:
(1) Arbitration/reparation forum or court name:
(2) Location of the Forum or Court:
Street Address:
City or County:
State / Country:
Postal Code:
(3) Docket/Case Name:
(4) Docket/Case Number:
(5) Filing date of arbitration/CFTC reparation or civil litigation (MM/DD/YYYY):
D. Date received by/served on firm (MM/DD/YYYY):
Exact Explanation
If not exact, provide explanation:
8. Pending:
Is the complaint, arbitration/CFTC reparation or civil litigation pending?
YES NO
If "No," complete item 9.
9. Final:
If the complaint, arbitration/CFTC reparation or civil litigation is not pending, provide status:
Closed/No Action Withdrawn Denied Settled
Arbitration Award/Monetary Judgment (for claimants/plaintiffs)
Arbitration Award/Monetary Judgment (for respondents/defendants)
Evolved into Arbitration/CFTC reparation (the individual is a named party): Complete Items 12-16.
Evolved into Civil litigation (you are a named party): Complete Items 17-23.
Status:
If the Individual Is Not a Named Party: If the status is arbitration/CFTC reparation in which the individual is not a named party, provide details in Item 7C.
If the Individual Is a Named Party: If the status is arbitration/CFTC reparation in which the individual is a named party, complete Items 12-16. If the status is civil litigation in which the individual is a named party, complete Items 17-23.
10. Status Date (MM/DD/YYYY):
Exact Explanation
If not exact, provide explanation:
11. Settlement/Award/Monetary Judgment:
A. Is there a Settlement/Award/Monetary Judgment?
YES NO
If "Yes," provide the details below.
B. Settlement/Award/Monetary Judgment Amount:
$
C. Was the individual required to pay any portion of the total amount?
YES NO
If "Yes," indicate:
(1) The individual's contribution amount:
$
(2) Was any portion waived?
YES NO
If "Yes," how much?
$
(3) Final Amount:
$
(4) Was final amount paid in full?
YES NO
If "Yes," date paid in full:
If "No," explain the circumstances:
If the matter involves an arbitration or CFTC reparation in which the individual is a named respondent, complete Items 12-16, as appropriate.
12. A. Arbitration/CFTC reparation claim filed with ( FINRA , AAA, CFTC , etc.):
B. Location of the Forum
Street Address:
City or County:
State/Country:
Postal Code:
C. Docket/Case Name:
D. Docket/Case Number:
E. Date notice/process was served (MM/DD/YYYY):
Exact Explanation
If not exact, provide explanation:
13. Pending: Is arbitration/CFTC reparation pending?
YES NO
If "No," complete Items 14 and 15.
14. Final: If the arbitration/CFTC reparation is not pending, what was the disposition?
Award to the Individual (Agent/Representative)
Award to Customer
Denied
Dismissed
Judgment (other than monetary)
No Action
Settlement that includes a monetary payment to customer
Settlement without a monetary payment to customer
Withdrawn
Other (specify)
Award to Customer
Denied
Dismissed
Judgment (other than monetary)
No Action
Settlement that includes a monetary payment to customer
Settlement without a monetary payment to customer
Withdrawn
Other (specify)
15. Disposition Date (MM/DD/YYYY):
Exact Explanation
If not exact, provide explanation:
16. Monetary Compensation Details
(If you checked "Award to Customer," or "Settlement that includes a monetary payment to customer" in Item 14 or otherwise a payment of money must be made to the customer, provide the following information.)
A. Total Amount:
$
B. The Individual's Portion: Was the individual required to pay any portion of the total amount?
YES NO
C. If you answered "Yes," to Item 16-B, indicate:
(1) The individual's contribution amount:
$
(2) Was any portion waived?
YES NO
If "Yes," how much?
$
(3) Final Amount:
$
(4) Was final amount paid in full?
YES NO
If "Yes," date paid in full:
If "No," explain the circumstances:
If the matter involves a civil litigation in which the individual is a defendant, complete items 17-23.
17. Court in which case was filed (if brought in a foreign jurisdiction, provide all the information below in English):
Federal Court
Military Court
State Court
Foreign Court
International Court
Other (specify)
Military Court
State Court
Foreign Court
International Court
Other (specify)
A. Name of the Court:
Berkeley County, South Carolina Court of Common Pleas
B. Location of the Court
Street Address:
300-B California Avenue
City or County:
MONCKS CORNER
State/Country:
SOUTH CAROLINA
Postal Code:
29461
C. Docket/Case Name:
Berkeley County School District v. Compass Municipal Advisors et al
D. Docket/Case Number :
2019CV0800548
18. Date received by/served on firm (MM/DD/YYYY):
Exact Explanation
If not exact, provide explanation:
19. Current Status of the Civil Litigation:
Pending (Skip to Item 24.)
On Appeal (Complete Items 20-23; and consider Item 24.)
Final (Complete Items 20-22; and Item 23 if applicable; and consider Item 24.)
On Appeal (Complete Items 20-23; and consider Item 24.)
Final (Complete Items 20-22; and Item 23 if applicable; and consider Item 24.)
20. Resolution:
Denied
Dismissed
Judgment (other than monetary)
Monetary Judgment to the Individual (Agent/Representative)
Monetary Judgment to Customer
No Action
Settlement that includes a monetary payment to customer
Settlement without a monetary payment to customer
Withdrawn
Other (specify)
Dismissed
Judgment (other than monetary)
Monetary Judgment to the Individual (Agent/Representative)
Monetary Judgment to Customer
No Action
Settlement that includes a monetary payment to customer
Settlement without a monetary payment to customer
Withdrawn
Other (specify)
21. Disposition Date (MM/DD/YYYY):
Exact Explanation
If not exact, provide explanation:
22. Monetary Compensation Details
(If you checked "Monetary Judgment to Customer" or "Settlement that includes a monetary payment to customer" in Item 20, or otherwise a payment of money must be made to the customer, provide the following information.)
A. Total Amount:
$
B. Was the individual required to pay any portion of the total amount?
YES NO
C. If you answered "Yes," to Item 22-B, indicate:
(1) The individual's contribution amount:
$
(2) Was any portion waived?
YES NO
If "Yes," how much?
$
(3) Final Amount:
$
(4) Was final amount paid in full?
YES NO
If "Yes," date paid in full:
If "No," explain the circumstances:
23. On Appeal - Judicial Review:
If the individual appealed, provide the following information. (If brought in a foreign jurisdiction, provide all the information below in English):
A. Action Appealed to:
(Provide the name of the federal, military, state, foreign, or international court to which the individual appealed):
B. Location of the Court:
Street Address:
City or County:
State/Country:
Postal Code:
C. Docket/Case Name:
D. Docket/Case Number:
E. Date Appeal filed (MM/DD/YYYY)
Exact Explanation
If not exact, provide explanation:
F. Appeal Details (including status):
24. Summary of the Circumstances (Optional):
You may use this space to provide a brief summary of the circumstances leading to the customer complaint, arbitration/CFTC reparation and/or civil litigation as well as the current status or final disposition(s). The information must fit within the space provided.
The individual, the firm, and one other individual associated with the firm, along with two other non-municipal advisor defendants, collectively agreed to settle the case without any admission of liability or wrongdoing and to avoid the expense of protracted litigation for a total payment of $1 million to the customer. The contribution from the firm and its two associated individuals for their portion of the total payment was covered by an insurance policy.
Compass Municipal Advisors LLC published this content on May 27, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on May 28, 2026 at 11:56 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]