SEC Charges Two Advisory Firms for Custody Rule Violations, One for Form ADV Violations, and Six for Both
The Securities and Exchange Commission today announced charges against a number of investment advisers that failed to comply with requirements relating to safekeeping client assets and/or to timely update their SEC disclosures to reflect the status of audits of financial statements for the private funds they advised. The advisers, all of which agreed to settle the SEC’s charges and pay combined penalties of over $1 million, are BiscayneAmericas Advisers L.L.C., Garrison Investment Group, LP, Janus Henderson Investors US LLC, Lend Academy Investments, LLC, Polaris Equity Management, Inc., QVR, LLC, Ridgeview Asset Management Partners, LLC, Steward Capital Management, Inc., and Titan Fund Management, LLC. According to the SEC’s orders, certain advisers failed to have audits performed or to deliver audited financials to investors in certain private funds in a timely manner, thereby violating the Investment Advisers Act’s Custody Rule, and certain advisers failed to promptly file a...