Rosedale Advisory Firm Fined for Role in NCAA Player Referral Bribery Scheme

Posted on April 25th, 2025 at 2:18 PM
Rosedale Advisory Firm Fined for Role in NCAA Player Referral Bribery Scheme

From the desk of Jim Eccleston at Eccleston Law

The Securities and Exchange Commission (SEC) has finalized a cease-and-desist proceeding against Rosedale, a former SEC-registered investment adviser, for violations of the Investment Advisers Act of 1940. According to the SEC, Rosedale perpetrated a multi-year bribery scheme involving its making undisclosed payments to sports agents and others to steer NCAA athletes toward Rosedale’s advisory services.

From March 2015 through October 2017, Munish Sood, who owned at least 95% of Rosedale and served as its CEO and Chief Investment Officer, orchestrated payments exceeding $96,000 to influence college basketball players to retain Rosedale as their investment adviser once they turned professional. These payments were not disclosed to the athletes before they entered advisory agreements—conduct that violated Sections 206(1), 206(2), 206(4), and Rule 206(4)-3 of the Advisers Act.

Though Rosedale ultimately secured at least five former NCAA athletes as clients through this scheme, the SEC found no evidence of quantifiable harm to those clients or any unjust enrichment by the firm. Accordingly, the SEC believed that a mere fine of $97,523 was an appropriate sanction and deterrence.Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law

Return to Archive

TESTIMONIALS

Previous
Next

I am so blessed to have you and your dynamic team defending me. Your ethics, forward thinking and strategies are amazing.  You guys are the best group of attorneys in the country that I could hire to handle this complicated case.

Cindy C.

LATEST NEWS AND ARTICLES

September 11, 2025
Montana Federal Judge Allows Family's Premium Financing Claims to Proceed

A federal judge in Montana has allowed a family to move forward with negligence, fraud, and unjust enrichment claims tied to a premium-financed life insurance arrangement valued at $67.5 million.

September 10, 2025
Arizona Man Sentenced to 30 Years for Multi-Million Dollar Ponzi-Style Fraud

An Arizona man has been sentenced to 30 years in prison for running a Ponzi-style investment scheme that defrauded more than 100 victims out of millions of dollars, according to the U.S. Attorney’s Office for the District of New Mexico.

September 9, 2025
Easterly ROCMuni Fund's Steep Decline Spurs Potential Investor Lawsuits

The Easterly ROCMuni High Income Municipal Bond Fund (RMHIX) has suffered a dramatic collapse, losing nearly half its value in June and now trading at a net asset value (NAV) of $2.95 per share.