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Securities and Exchange Commission (SEC) Disgorgement Investment Adviser

Nutter McClennen & Fish LLP

Nutter Securities Enforcement Update: July 1, 2025

The Nutter Securities Enforcement Update is a periodic update of noteworthy recent securities enforcement activity, settlements, decisions, and charges. We provide brief summaries that highlight recent enforcement action...more

Troutman Pepper Locke

Supreme Court Denies Certiorari in SEC Disgorgement Case

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On June 6, the U.S. Supreme Court denied the petition for certiorari in the case of Navellier & Associates, Inc. v. Securities and Exchange Commission (SEC). This decision effectively upholds the lower courts’ rulings,...more

Foley & Lardner LLP

First Circuit’s Reversal of Summary Judgment Clarifies Materiality Standard for Advisory Conflicts

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A recent ruling may raise the bar for the Securities and Exchange Commission (SEC) in charging registered investment advisers for omissions of potential conflicts and seeking disgorgement, giving the defense bar additional...more

Troutman Pepper Locke

SEC Briefs Disgorgement and Investor Harm in Navellier v. SEC

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In the recent Supreme Court case, Navellier & Associates, Inc. v. Securities and Exchange Commission (SEC), the petitioners sought a writ of certiorari challenging the decisions of the lower courts regarding the scope of...more

Venable LLP

SEC Must Return $93 Million Penalty, First Circuit Says

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The First Circuit, in a closely watched securities case, reversed a $93 million summary judgment ruling for the Securities and Exchange Commission this April. ...more

Eversheds Sutherland (US) LLP

SEC v. Commonwealth: a win for the securities industry

On April 1, 2025, the First Circuit Court of Appeals vacated a nearly $95 million judgment against our client Commonwealth Financial Network related to the sufficiency of Commonwealth’s revenue-sharing disclosures. The First...more

Jones Day

First Circuit Reverses SEC Win in $93 Million Investment Adviser Disclosure Case

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The court rejects the SEC's per se materiality argument and requires proof of a causal connection between the defendant's allegedly inadequate disclosures and purported unlawful profits....more

Vedder Price

SEC Enforcement Highlights for Fiscal Year 2024

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On November 22, 2024, the Securities and Exchange Commission (the “SEC” or “Commission”) announced its enforcement results for the fiscal year (“FY”) 2024. Though the SEC filed only 583 total enforcement actions in FY 2024—a...more

BCLP

Artificial Intelligence Stays in the SEC's Cross-Hairs

BCLP on

As news stories about AI have surged, so have enforcement actions by the SEC alleging fraudulent statements about AI capabilities....more

ArentFox Schiff

Investigations Newsletter: Commonwealth Financial Network Must Pay $72 Million in SEC Enforcement Action

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Commonwealth Financial Network Must Pay $72 Million in SEC Enforcement Action - Late last week, a Massachusetts federal judge ordered Commonwealth Financial Network to pay over $72 million due to its “egregious” failure to...more

Herbert Smith Freehills Kramer

Second Circuit Narrows SEC Disgorgement Powers and Deepens Circuit Split

In a significant recent decision, Securities and Exchange Commission v. Govil, the Second Circuit substantially narrowed the scope of the Securities and Exchange Commission’s (SEC) disgorgement powers to cases in which the...more

Proskauer - The Capital Commitment

2023 SEC Enforcement Results – Takeaways for Fund Managers

On November 14, 2023, the SEC’s Division of Enforcement announced its Enforcement Results for Fiscal Year 2023. Below are some key takeaways for fund managers: The Commission brought 760 total enforcement actions in FY...more

Cornerstone Research

SEC Enforcement Actions Against Public Companies and Subsidiaries Jump in FY 2023

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Total monetary value of settlements fell to lowest level in last eight fiscal years. The U.S. Securities and Exchange Commission (SEC) filed 91 enforcement actions against public companies and subsidiaries in fiscal year...more

Jenner & Block

Client Alert: Court Adopts SEC's New Unregistered Dealer Theory, Creates Risk of Disgorgement and Penalties for Anyone Trading...

Jenner & Block on

A broad array of financial market participants—mutual funds, private funds, insurers, pension funds, family offices, individuals, and more—may be at risk after the Securities and Exchange Commission (SEC) secured summary...more

Burr & Forman

Jarkesy Gets His Day: SCOTUS to Review SEC ALJs

Burr & Forman on

On June 20, 2023, the Supreme Court granted certiorari to review three questions about the Securities and Exchange Commission’s (SEC’s) administrative courts...more

Seward & Kissel LLP

SEC Charges Adviser and its Principal in Illegal Short Selling Scheme

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Who may be interested: Investment advisers, broker-dealers. Quick Take: The SEC recently filed a lawsuit charging an investment adviser and its managing partner (collectively, the Adviser) with allegedly engaging in a...more

Seward & Kissel LLP

SEC Settles Charges With Adviser for Breach of Fiduciary Duty Relating to Leveraged ETF Investments

Seward & Kissel LLP on

Who may be interested: Registered Investment Advisers. Quick Take: The SEC recently settled charges against an investment adviser (Adviser) and one of the Adviser’s partial owners for breach of fiduciary duty in...more

Morrison & Foerster LLP

Top 5 SEC Enforcement Developments for February 2023

In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important SEC enforcement developments from the past month, with links to primary resources....more

Seward & Kissel LLP

SEC Settles Charges Against Investment Advisers for Alleged Breaches of Fiduciary Duties

Seward & Kissel LLP on

Who may be interested: Registered Investment Advisers, Mutual Funds, Compliance Officers - Quick Take: The SEC settled charges against two affiliated registered investment advisers, alleging that the advisers failed to...more

Morgan Lewis

Current Developments in Sec and Finra Examinations & Enforcement 2022–2023 - A Special Report for Investment Advisers and...

Morgan Lewis on

Registered entities continued to be a significant focus of the US Securities and Exchange Commission’s (SEC’s or Commission’s) enforcement and rulemaking programs in 2022, and we expect similar attention this year. The SEC’s...more

White & Case LLP

The SEC scored record penalties in fiscal year 2022

White & Case LLP on

Many were anticipating an enforcement crackdown by the Securities and Exchange Commission (SEC) in the first full fiscal year under chair Gary Gensler and enforcement director Gurbir Grewal, and those expectations were...more

Nutter McClennen & Fish LLP

Nutter Securities Enforcement Update: 2022 SEC Retrospective

2022 was a busy year for the SEC’s Enforcement Division. This 2022 Retrospective highlights some of the year’s notable cases, largest settlements, new and noteworthy theories, and court decisions worth remembering....more

Nutter McClennen & Fish LLP

Nutter Securities Enforcement Update: September 1, 2022

The Nutter Securities Enforcement Update is a periodic summary of noteworthy recent securities enforcement activity, settlements, decisions, and charges. ...more

Nutter McClennen & Fish LLP

Nutter Securities Enforcement Update: August 1, 2022

The Nutter Securities Enforcement Update is a periodic summary of noteworthy recent securities enforcement activity, settlements, decisions, and charges. ...more

Faegre Drinker Biddle & Reath LLP

SEC Disgorgement Claim Challenged After Supreme Court’s Decision in Liu

The SEC’s disgorgement request in a litigated proceeding in federal district court is being challenged in the wake of the Supreme Court’s 2020 decision in Liu v. SEC, which limited how much the agency can seek in...more

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