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Alternative Market Briefing

SEC charges 11 institutional investment managers with failing to report certain securities holdings
Wednesday, September 18, 2024

Matthias Knab, Opalesque:

The Securities and Exchange Commission today announced charges against 11 institutional investment managers for failing to file reports, known as Forms 13F, that they were required to file because they have discretion over more than $100 million in certain securities.

Two of the entities, Nationale-Nederlanden Powszechne Towarzystwo Emerytalne S.A. (Nationale-Nederlanden) and NEPC, LLC, were also charged with failing to file Forms 13H as required for large traders who trade a significant amount of exchange-listed securities. All 11 firms agreed to settle the SEC's charges. Nine of the firms will pay more than $3.4 million in combined civil penalties. Two firms were not ordered to pay any civil penalties because they self-reported the violations at issue and otherwise cooperated with the SEC's investigations, and another (NEPC, LLC) was not ordered to pay a civil penalty for its failure to file Forms 13H because it self-reported those violations and otherwise cooperated with the SEC's investigations.

The institutional investment managers charged and their respective penalties are:

  • Ashton Thomas Private Wealth, LLC - $375,000
  • Azzad Asset Management, Inc. - $225,000
  • Bulltick Wealth Management, LLC - $175,000
  • Dixon Mitchell Investment Counsel, Inc. - no financial penalty
  • Financial Synergies Wealth Advisors, Inc. - $225,000
  • Focus Financial Network, Inc. - $475,000
  • Mason Investme......................

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