Tag: SEC Enforcement
California Adviser Pays Over $1.5 Million to Settle Share Class Disclosure Charges
The SEC has fined a California-based dual-registrant for inadequate disclosures of conflicts of interest in connection with investing clients in mutual fund share classes with 12b-1 fees when less expensive...
July 08, 2021
SEC Charges Adviser and its CCO with Cherry-Picking
The SEC has filed a complaint in federal district court charging an Illinois-based investment adviser and its Chief Compliance Officer, who is also its Chief Operating Officer and co-owner, with...
July 08, 2021
Tags: Allocation, SEC Enforcement
SEC Charges Trader with Front Running Employer’s Client Accounts
The SEC has filed a complaint in New York federal district court charging a trader at a Canada-based asset management and hedge fund adviser with engaging in a fraudulent front-running...
July 07, 2021
Tags: SEC Enforcement, Trading
SEC Fines Adviser $1.75 Million for Failure to Protect Client Assets
The SEC has settled charges against a Nebraska-based SEC-registered adviser for failing to implement policies and procedures reasonably designed to prevent the misappropriation of funds from client accounts, which resulted...
July 07, 2021
Tags: AML, SEC Enforcement
SEC Appoints NJ AG Gurbir S. Grewal as Director of Enforcement
Gurbir S. Grewal The Securities and Exchange Commission today announced that Gurbir S. Grewal has been appointed Director of the Division of Enforcement, effective July 26, 2021. Grewal currently...
June 29, 2021
Tags: Gurbir Grewal, SEC Enforcement
SEC Continues to Bring Share Class Enforcement Cases
The SEC recently brought enforcement actions against two investment advisers and an investment adviser representative in connection with share class disclosures. In the most recent case, the SEC found that...
June 29, 2021
SEC Fines Digital Adviser Nearly $25,000 for “Blogger” Arrangements, False Marketing Materials
The SEC has settled charges against a Canadian-based SEC-registered digital adviser for violating the Advertising and Cash Solicitation Rules in effect during the relevant time period for this enforcement action,...
June 15, 2021
Tags: SEC Enforcement, Solicitation Rule
SEC Fines Adviser for Undisclosed Third-Party Loans to its IARs
The SEC brought an enforcement action against an Arizona-based investment adviser for failing to disclose to clients the existence of and conflicts of interest created by loans its investment adviser...
June 15, 2021
SEC Fines Principal of Mutual Fund Adviser for Failure to Disclose Conflicts to the Fund
The SEC has fined a principal of a previously registered investment adviser $75,000 for failures to disclose certain conflicts of interest to a mutual fund client of the adviser. The...
May 18, 2021
SEC Commissioner Crenshaw Encourages Change in Approach on Enforcement Penalties
SEC Commissioner Caroline Crenshaw SEC Commissioner Caroline Crenshaw says the agency’s enforcement policies allow companies to “profit from fraud” because they unnecessarily limit the Commission’s ability to craft appropriately tailored...
March 16, 2021
Tags: Caroline Crenshaw, SEC Enforcement
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