| 28.08.2026 SEC strips 38 phantom advisers from its own database after filing fraud |
| Matthias Knab, Opalesque for New Managers: The SEC's Office of Investor Education and Assistance has issued an investor alert warning that fraudsters are exploiting a structural quirk of the U.S. adviser regime: the exempt reporting adviser (ERA) filing. Because ERAs appear on SEC systems while not being registered with the Commission, a filing alone has become a cheap and convincing bad |