Five Investment Advisors Penalized by the SEC for Alleged Violations of Marketing Rules

The Securities and Exchange Commission (SEC) has penalized five individual investment advisors for allegations of violating marketing rules.

According to the SEC, each entity has settled the charges and agreed to pay $200,000 in combined penalties.

The five firms are as follows:

  • GeaSphere LLC
  • Bradesco Global Advisors Inc.
  • Credicorp Capital Advisors LLC
  • InSight Securities Inc.
  • Monex Asset Management Inc.

The SEC’s claims include promoting hypothetical performance without “adopting and implementing policies and procedures reasonably designed to ensure that the hypothetical performance was relevant to the likely financial situation and investment objectives of each advertisement’s intended audience.”

Without admitting or denying the charges, GeaSphere agreed to pay a civil penalty of $100,000.

GeaSphere allegedly transgressed additional rules, such as making false and misleading statements in advertisements.

Bradesco, Credicorp, InSight, and Monex agreed to pay civil penalties ranging from $20,000 to $30,000, which are said to reflect corrective steps taken by each firm prior to being contacted by the Commission.

The SEC noted that it previously brought similar charges to nine other firms in September 2023.

 


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