A Chicago-based investment adviser and its former partner agreed to pay nearly $1.6 million in combined penalties to settle charges by the Securities and Exchange Commission (SEC) that they misled a Pennsylvania school pension fund.
Aon Investments USA agreed to pay a $1 million civil penalty and more than $540,000 in disgorgement and prejudgment interest for misleading the client, the SEC announced in a press release Thursday. Aon’s former partner, Claire Shaughnessy, agreed to pay a $30,000 penalty. Both the firm and Shaughnessy also agreed to be censured.
