SEC Rings Up F-Squared Piggybackers For $2.2M In Penalties
Law360, New York (August 25, 2016, 2:55 PM EDT) -- The U.S. Securities and Exchange Commission on Thursday announced settlements in which 13 investment advisory firms agreed to pay a total of $2.2 million in penalties for parroting bogus claims about exchange-traded index fund returns made by bankrupt adviser F-Squared Investments.
The SEC billed the slew of administrative proceedings as an "enforcement sweep" in the wake of F-Squared's 2014 admission that made it false and misleading statements to investors related to its AlphaSector ETF indexes. F-Squared, which agreed to pay $35 million, filed for bankruptcy last year and faces private litigation.
In Thursday's announced agreements AssetMark agreed to pay $500,000; BB&T...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!