SEC Charges Investment Adviser for "Improperly" Registering and Violating Multiple Rules
According to the SEC, the principle, sole owner of an investment firm falsely claimed more than $100 million in AUM from 2012-2016 to meet the minimum eligibility requirement for SEC registration. The owner of the firm also made violations to the custody rule by failing to provide quarterly statements to clients and by failing to organize an annual surprise audit of assets.
