By Kyle Brasseur2024-05-08T16:57:00
A Securities and Exchange Commission (SEC) action against a former registered investment adviser yielded a notable takeaway for others in the industry engaging consultants for compliance program support.
The SEC issued a joint penalty of $15,000 against Gainvest Legal Corp. and its owner, Nashid Ali, according to an administrative proceeding published Tuesday. Gainvest was accused of improperly registering as an investment adviser, holding client funds without proper examination controls, and failing to adopt and implement a proper compliance program as required by the Advisers Act.
To that last point, the SEC noted the following:
2024-05-29T19:01:00Z By Adrianne Appel
Mass Ave Global 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.
2024-05-10T16:55:00Z By Kyle Brasseur
Merrill Lynch was assessed an $825,000 penalty by the Financial Industry Regulatory Authority for alleged supervision failures regarding the execution of marketable equity orders entered into its electronic order systems.
2024-04-16T19:09:00Z By Aaron Nicodemus
Gurbir Grewal, director of the Securities and Exchange Commission’s Division of Enforcement, laid out general principles for “proactive compliance” to avoid making false or misleading claims about the capabilities of artificial intelligence products and services.
2025-09-17T17:20:00Z By Adrianne Appel
A Florida seafood company executive has pleaded guilty to conspiring with competitors to fix the prices he paid to local fishers, an effort that impacted more than $8 million in wholesale fish and cut the pay of hundreds of fishers, the Department of Justice said.
2025-09-16T20:11:00Z By Adrianne Appel
The former CEO of a Georgia clothing business faces 25 years in prison for bribing Honduran officials to win $10 million in uniform contracts in Honduras, after being caught up in a Department of Justice Anticorruption Task Force.
2025-09-12T19:40:00Z By Oscar Gonzalez
The DOJ sued Uber Thursday, alleging it violated the Americans with Disabilities Act (ADA) by denying people with disabilities equal access to its services.
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