SEC Brings More Share Class Selection Cases
The SEC Division of Enforcement’s continuing focus on share class selection disclosure has produced three new actions against investment advisers.
June 10, 2020
SEC Obtains $30 Million Judgment Against Adviser, Founder in Connection with Misleading Performance
A federal court has ordered a Nevada-based investment adviser to pay over $30 million.
June 10, 2020
LA PE Fund Adviser Pays $1 Million to Settle MNPI Charges
A Los Angeles-based private equity fund adviser has paid $1 million to settle charges that it failed to sufficiently implement and enforce its policies and procedures for preventing the misuse of material, nonpublic information.
June 05, 2020
Tags: Compliance, MNPI, Private Equity, SEC Enforcement
SEC Enforcement and COVID-19: How Lessons from the Financial Crisis Apply Today
Based on public statements, it is clear that the SEC Enforcement Staff is already thinking ahead to the types of enforcement investigations and actions that may follow the COVID-19 crisis.
May 27, 2020
Tags: Columns, Compliance Corner, Coronavirus, COVID-19, SEC Enforcement
Adviser Fined for Failure to Distribute Annual Audited Financial Statements
The SEC has settled charges with a New Jersey-based investment adviser in violation of the Custody Rule
May 26, 2020
Tags: Custody, SEC Enforcement
PA Adviser, Principals Face Share Class Selection and Disclosure Charges
The SEC has filed a complaint against a Pennsylvania-based investment adviser and its principals charging them with breaches of fiduciary duty.
May 19, 2020
Tags: 12b-1 Fees, Best Execution, Conflicts of Interest, SEC Enforcement, Share Class Disclosure
Wrap Fee Program Sponsor Fined $5 Million for Providing Misleading Information to Investors
The SEC has fined a dual-registrant that serves as a sponsor of wrap fee programs $5 million for providing misleading information to its wrap fee program clients regarding trade execution services and transaction costs.
May 19, 2020
Tags: Disclosure, SEC Enforcement, Trading, Wrap Fees
Adviser Fined for Misleading Investors by Overvaluing MBS Positions
A New York-based mutual fund adviser is paying more than $500,000 to settle SEC charges that it misled investors by overvaluing odd lot positions in mortgage-backed securities.
May 06, 2020
Tags: SEC Enforcement, Valuation
The SEC has settled charges with a New York-based private equity fund adviser for failing to fully disclose its practice of charging portfolio companies for the cost of certain in-house services and the associated conflicts of interest such that it could obtain informed consent.
April 27, 2020
Tags: Conflicts of Interest, Fees and Expenses, Private Equity, SEC Enforcement
Adviser Fined $1 Million for Misleading Private Fund Marketing Materials, Performance Information
A Massachusetts-based investment adviser is paying $1 million to settle SEC charges of providing misleading marketing materials related to a private fund and failing to follow its compliance policies and procedures.
April 27, 2020
Tags: Advertising, Advertising Rule, Private Funds, SEC Enforcement