The U.S. Securities and Exchange Commission charged 38 entities with making material misrepresentations in Forms ADV filed in 2025 and 2026, allegedly to appear to be legitimate advisory firms to U.S. investors. The SEC also removed the entities’ exempt reporting adviser filings from its website and issued an alert warning that scammers may use such filings to create a false impression of legitimacy. The complaints allege that the entities provided false Colorado business addresses and invalid or unrelated phone numbers, reported identical or nearly identical ownership and fund data, and named auditors that could not be found in public accountancy registries. Some entities were promoted on websites focused on emerging technologies, including through fake certificates claiming SEC registration, while several appear to have accessed the filing system from foreign jurisdictions. The entities also allegedly failed to provide records supporting their filings when requested. The SEC is seeking permanent injunctions, prohibitions on the entities filing Forms ADV as exempt reporting advisers, and civil penalties.
2026-08-27U.S. Securities & Exchange Commission
U.S. Securities and Exchange Commission charges 38 entities over allegedly fraudulent adviser filings
The U.S. Securities and Exchange Commission charged 38 entities with using allegedly false Forms ADV to appear to be legitimate advisory firms. The filings included false contact details, near-identical fund data and unverifiable auditors, and the entities failed to substantiate their claims. The SEC removed the filings and is seeking injunctions and civil penalties.