In a case brought by the U.S. Securities and Exchange Commission (“SEC”), a federal judge has ordered Navellier & Associates Inc. to pay $31.4 million. Of the ordered sanctions, $28.9 million is disgorgement of proceeds gained by the firm’s fraudulent conduct. Additionally, the firm is ordered to pay a civil penalty of $2 million and the firm’s founder, Louis Navellier, is ordered to pay a $500,000 civil penalty.
The Securities and Exchange Commission has issued penalties against 13 investment advisory firms found to have violated securities laws by spreading false claims.
F-Squared Investments Inc.has filed for bankruptcy. F-Squared had claimed that its rules-based strategy could avoid violent market swings — by opportunistically trading in and out of nine industrial-sector ETFs — and that pitch appealed to advisers stung by the 2008 free-fall of stock markets. The firm built itself from a virtual nonentity in 2008 to the force behind a $28.5 billion strategy, as of June 2014.
You guys are good!
The Financial Industry Regulatory Authority (FINRA) has imposed fines and censured independent broker-dealers Osaic Wealth and Securities America for cybersecurity deficiencies that led to hackers accessing the private information of more than 32,000 customers.
WealthFeed leverages proprietary AI technology to collect nine real-time financial data points, including business sales, capital raises, inheritances, and job changes.
The Securities and Exchange Commission (SEC) is ramping up its enforcement efforts targeting off-channel communications, particularly text messages, among investment advisory firms.
