The Securities and Exchange Commission today announced charges against nine registered investment advisers for advertising hypothetical performance to the general public on their websites without adopting and/or implementing policies and procedures required by the Marketing Rule. All nine firms have agreed to settle the SEC’s charges and to pay $850,000 in combined penalties.
The firms are:
- Banorte Asset Management Inc.
- BTS Asset Management Inc.
- Elm Partners Management LLC
- Hansen and Associates Financial Group Inc
- Linden Thomas Advisory Services LLC
- Macroclimate LLC McElhenny Sheffield Capital Management LLC
- MRA Advisory Group
- Trowbridge Capital Partners LLC
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