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...

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