Mass Ave Global fined $350K for compliance, communication lapses
By 
Adrianne Appel2024-05-29T19:01:00
Mass Ave Global (MassAve) agreed to pay $350,000 for alleged failures that led the investment adviser to make false and misleading statements to investors, according to the Securities and Exchange Commission (SEC).
Winston Feng, the co-founder and chief executive officer at MassAve, agreed to pay $250,000 and be suspended for 12 months from investment work, the SEC announced in a press release Wednesday.
New York City-based MassAve, which had about $1.1 billion in regulatory assets under management until it began winding down operations in early 2023, violated the antifraud and compliance provisions of the Investment Advisers Act, the SEC alleged in its 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 BriefBroadway Financial discloses ICFR weaknesses due to training shortfalls
Los Angeles-based bank holding company Broadway Financial Corp. disclosed in a public filing weaknesses discovered in its internal control over financial reporting because of training shortfalls.
-
News BriefSEC faults former IA Gainvest for nontailored compliance manual
A Securities and Exchange Commission action against former registered investment adviser Gainvest Legal Corp. yielded a notable takeaway for others in the industry engaging consultants for compliance program support.
-
ArticleSEC charges Medallion Financial with fraud, illegal touting
The SEC charged New York City taxi medallion loan company Medallion Financial with participating in two illegal schemes to pump up the declining value of its stock. Also charged was California-based media strategy company Ichabod’s Cranium.
More from Regulatory Enforcement
-
News BriefFTC sues Uber over deceptive subscriptions, a rare move for consumers by Trump officials
The Federal Trade Commission (FTC) filed a lawsuit against Uber, alleging the ride-hailing company signed customers up for its Uber One subscription without consent, then made it hard for them to cancel. The move marks the U.S. government’s latest broadside against big tech companies, and the first major action from ...
-
News BriefCFPB pullback signals further shift toward industry-friendly regulation
The U.S. Consumer Financial Protection Bureau continues to unravel amid pressure from Trump administration officials to shutter the agency. Not only has the agency informed its employees that it will no longer be a watchdog for the financial services industry, it has also laid off employees despite court orders blocking ...
-
News BriefTrump’s CFPB, dismissing Comerica case, continues to cut down Biden-era lawsuits
The Consumer Financial Protection Bureau dropped yet another consumer protection lawsuit against a bank or fintech provider since Donald Trump was sworn in as president in January. This time, it was with Comerica Bank.