Breaking news US Regulator Charges 5 Firms Amid Marketing Rule Violations Lastminute news

Firms advertised hypothetical performance to general public on their websites, says SEC chairman.

The US Securities and Exchange Commission (SEC) announced Friday that it settled charges against five investment adviser firms for marketing rule violations.

GeaSphere LLC, Bradesco Global Advisors Inc., Credicorp Capital Advisors LLC, InSight Securities Inc. and Monex Asset Management Inc. all agreed to settle the SEC's charges and pay $400,000 in total civil penalties, the regulator said in a statement.

The SEC said it found that the firms advertised hypothetical performance to the general public on their websites without implementing procedures to ensure that the hypothetical performance was relevant to the investment objectives of each advertisement's intended audience.

It added that GeaSphere also made false and misleading statements in advertisements and failed to enter into written agreements with people it compensated for endorsements.

"GeaSphere agreed to pay a civil penalty of $100,000. Bradesco, Credicorp, InSight, and Monex agreed to pay civil penalties ranging from $20,000 to $30,000, which reflected certain corrective steps taken by each of these firms prior to being contacted by the Commission staff," said the statement. -
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