SEC fines nine investment advisers combined $1.2M in ‘ongoing’ marketing rule sweep

Nine investment advisers will pay a total of $1.24 million to settle allegations that they violated the Securities and Exchange Commission’s (SEC) marketing rule by disseminating advertisements with untrue or misleading information.

The SEC said in a press release Tuesday that its “ongoing sweep” also found that the investment advisers made “untrue or unsubstantiated statements of material fact or testimonials, endorsements, or third-party ratings that lacked required disclosures.”

The agency noted that the violations occurred after the amended marketing rule took effect in November 2022. In April, the SEC published a risk alert that detailed violations of the marketing rule found by SEC examiners.