Aon unit to pay $1.5M for misleading pension fund
By 
Jeff Dale2024-01-26T18:22:00
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 mislead 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 clients, the SEC announced in a press release Thursday. Aon’s former partner, Claire Shaughnessy, agreed to pay a $30,000 civil penalty. Both the firm and Shaughnessy also agreed to be censured.
The firm and Shaughnessy were responsible for calculating investment returns for the Pennsylvania Public School Employees’ Retirement System (PSERS), according to the SEC’s order.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefVanEck fined $1.8M over influencer promo nondisclosure
Van Eck Associates agreed to pay $1.75 million as part of a settlement with the Securities and Exchange Commission regarding its alleged failure to properly disclose the planned involvement of a social media influencer in the launch of an exchange-traded fund.
-
News BriefSPAC to avoid $1.5M SEC fine for failing to disclose pre-IPO merger talks
Northern Star Investment Corp. II faced a penalty of $1.5 million to settle charges laid by the Securities and Exchange Commission that it made misleading statements in its January 2021 initial public offering.
-
News BriefOEP Capital Advisors fined $4M over policy failures
OEP Capital Advisors agreed to pay a $4 million penalty as part of a settlement with the Securities and Exchange Commission addressing alleged deficiencies regarding the prevention of misuse of material nonpublic information.
More from Regulatory Enforcement
-
News BriefFTC orders GoDaddy to upgrade cybersecurity defenses following three breaches
The Federal Trade Commission has ordered web hosting company GoDaddy to implement a “robust” information security program following at least three data breaches that the agency said were aided by lax cybersecurity measures.
-
News BriefFTC shuts down student loan firms over deceptive debt relief practices
The U.S. Federal Trade Commission (FTC) took action against a pair of student loan debt relief companies for allegedly deceiving borrowers. The move came despite the Trump administration’s broader efforts to roll back enforcement actions against businesses since taking office.
-
News BriefCoinbase faces a leftover SEC probe as crypto enforcement loses steam
After dismissing its lawsuit against the crypto exchange Coinbase in March, a second investigation into the exchange by the Securities and Exchange Commission has surfaced, according to a report from the New York Times. This comes as a bit of a surprise after the Trump administration has been scaling down ...