Karpus Management Inc

Allegations: THE OFFICE OF FINANCIAL REGULATION ALLEGED MR. COTT VIOLATED SECTION 517.12(4), FLORIDA STATUTES, BY RENDERING INVESTMENT ADVICE FROM A LOCATION WITHIN FLORIDA BETWEEN JULY 2014 AND SEPTEMBER 2015 WITHOUT BEING PROPERLY REGISTERED BY THE OFFICE AS AN ASSOCIATED PERSON OF A FEDERAL COVERED ADVISER. Status: Final Sanction Detail: ON AUGUST 2, 2023, THE STATE OF FLORIDA OFFICE OF FINANCIAL REGULATION ("OFFICE") ENTERED AN ORDER AGAINST RICHARD COTT ("COTT"), AN ASSOCIATED PERSON OF KARPUS INVESTMENT MANAGEMENT ("KARPUS"), IMPOSING A CEASE AND DESIST ORDER AND AN ADMINISTRATIVE FINE OF $10,625 ("ORDER"). THE ORDER FINDS THAT WHILE EMPLOYED BY KARPUS BETWEEN JULY 2014 AND SEPTEMBER 2015, COTT RENDERED INVESTMENT ADVICE IN FLORIDA WITHOUT BEING PROPERLY REGISTERED WITH THE OFFICE AS AN ASSOCIATED PERSON OF KARPUS. THE ORDER STATES THAT COTT MAINTAINED THAT DURING THIS TIME, HIS SUPERVISOR AT KARPUS INFORMED HIM THAT HE DID NOT NEED TO BE SO REGISTERED TO PROVIDE INVESTMENT ADVICE IN FLORIDA. Summary: COTT NEITHER ADMITTED NOR DENIED THE ALLEGATIONS BUT CONSENTED TO THE ENTRY OF THESE FINDINGS BY THE OFFICE THROUGH THE ISSUANCE OF THE ORDER. THE ADMINISTRATIVE FINE WAS PAID BY KARPUS ON 7/18/2023 AND SUBSEQUENT TO THE ISSUANCE OF THE ORDER, COTT BECAME REGISTERED WITH THE OFFICE AS AN ASSOCIATED PERSON OF KARPUS.