1. On September 29, 2026, the SEC granted Brian Yarch’s application to lift the limitation that prohibited him from serving as a chief compliance officer of a broker-dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization.The limitation arose from a prior SEC proceeding involving Yarch’s conduct as Chief Compliance Officer and managing member of Regal Investment Advisers LLC, where the SEC found that Regal charged advisory fees to client accounts without providing advisory services, failed to disclose certain conflicts of interest, and failed to maintain adequate written policies and procedures. The SEC previously imposed a $50,000 civil penalty and the CCO limitation. Yarch represented that he complied with the limitation and paid the $50,000 penalty, and the SEC determined that the conditions for lifting the limitation had been satisfied. Yarch was ordered to pay a civil money penalty in the amount of $50,000. https://www.sec.gov/files/litigation/admin/2026/34-106519.pdf
2. On September 28, 2026, the SEC announced settled charges against Zoe Financial Inc., a New York-based investment adviser, for failing to fully and fairly disclose material conflicts of interest involving its referral service and Zoe Wealth. Zoe Financial had a financial incentive for advisers in its network to use Zoe Wealth, while its salespeople sometimes recommended advisers who were not initially selected by its referral algorithm. Zoe Financial did not adequately disclose the resulting conflict in its Form ADV Brochure until December 2024 and did not accurately describe how it mitigated another disclosed conflict involving indirect minority interests held by certain advisory firms. Zoe Financial agreed to a cease-and-desist order and censure and was ordered to pay a civil monetary penalty in the amount of $450,000. https://www.sec.gov/newsroom/press-releases/2026-94-sec-charges-registered-investment-adviser-zoe-financial-failure-disclose-conflict-interest
3. On Sep 25, 2026, The SEC’s longtime ally of the crypto industry, Commissioner Hester Peirce, has set a departure date for Oct. 2, 2026 marking an end to a long era in which she sought clear rules for the sector–even during the years in which the agency refused to consider crypto regulations and pursued an array of legal actions. Peirce, often known as “Crypto Mom” by digital assets insiders, pushed for years to get industry regulations during the chairmanships of Republican Jay Clayton and Democrat Gary Gensler, both of whom pursued aggressive crypto enforcement. She finally got the chance on rules during the administration of President Donald Trump. Her crypto work included a wide range of policy statements and guidance that clarified the agency’s position on various aspects of the industry, including mining, staking, memcoins and most importantly a series of definitions for classifying different types of crypto assets and which regulator would have dominion. https://www.coindesk.com/policy/2026/09/25/u-s-sec-s-steadiest-crypto-advocate-hester-peirce-to-depart-next-week?utm_source=securitiesdocket.beehiiv.com&utm_medium=newsletter&utm_campaign=sec-commissioner-hester-peirce-to-step-down-as-of-october-2&_bhlid=41a1d8a55a4905589f112c2a15cdbb23d0c55661
4. On September 24, 2026, the SEC instituted administrative proceedings against Keith Gebert. Gebert, through his former advisory firm Rightbridge Private Capital LLC, advised approximately 36 clients to invest approximately $10 million in an unaffiliated private real estate fund and received approximately $509,350 in referral fees from the fund’s management company without disclosing the compensation or resulting conflicts of interest to his clients. Gebert was also found to have made materially false and misleading statements concerning the referral fees and conflicts. Gebert was barred. He was ordered to pay disgorgement in the amount of $509,350, prejudgment interest of $135,138 and a civil money penalty in the amount of $150,000. https://www.sec.gov/files/litigation/admin/2026/ia-7018.pdf
5. On September 23, 2026, the SEC issued an order concerning Ameritas Advisory Services, LLC and the termination of its Fair Fund. Ameritas had previously been ordered to pay disgorgement, prejudgment interest, and a civil penalty totaling $4,628,194, which was used to compensate harmed advisory clients. The Fair Fund distributed $4,427,526.96 to investors, with $200,712.39 remaining that could not feasibly be returned and was ordered transferred to the U.S. Department of the Treasury. The SEC terminated the Fair Fund. Ameritas Advisory Services, LLC was ordered to pay disgorgement in the amount of $3,334,804, prejudgment interest of $543,390 and a civil money penalty in the amount of $750,000. https://www.sec.gov/files/litigation/admin/2026/34-106470.pdf
6. On September 23, 2026, the SEC charged CMI Capital LLC and its founder and manager, Michael Williams, in connection with an investment scheme that raised approximately $860,000 from at least 18 investors. Williams made false and misleading statements about two funds he controlled, including claims regarding portfolio value and investment returns, and misappropriated approximately $384,000 of investor and client funds for personal expenses. Williams also repaid more than $375,000 to certain investors. The defendants agreed to a settlement subject to court approval. The proposed judgments provide for disgorgement with prejudgment interest against Williams and civil penalties against the defendants, with the amounts to be determined by the Court. Williams also agreed to a forthcoming associational bar. This matter is being litigated. https://www.sec.gov/newsroom/press-releases/2026-92-sec-charges-south-florida-resident-his-company-alleged-investment-scheme-defrauding-law-enforcement
7. On September 22, 2026, the SEC instituted administrative proceedings against Giovanni Pennetta. Pennetta was the Managing Member and Chief Investment Officer of Sestante Capital, LLC, an exempt reporting adviser that advised a private fund. The SEC found that Pennetta was permanently enjoined in a related civil action after misrepresenting the private fund’s portfolio holdings and misappropriating $6.2 million of investor funds for personal use and to repay another investor. Pennetta also pleaded guilty to wire fraud in connection with a scheme involving investors in the private fund. Pennetta was barred. https://www.sec.gov/files/litigation/admin/2026/ia-7017.pdf
8. On September 22, 2026, the SEC instituted administrative proceedings against Truist Advisory Services Inc. in connection with failures related to a cancel-rebill scheme by one of its investment adviser representatives. The representative used Truist Advisory’s trade correction process to move ten losing trades from his personal brokerage account to four client accounts, resulting in $503,659 in losses being transferred to the clients. Truist Advisory approved the trade corrections without recognizing the pattern of moving losing trades from the representative’s personal account to client accounts and failed to follow its policies requiring monitoring for patterns of trading errors. Truist Advisory later terminated the representative and reimbursed the affected clients for their losses with interest. Truist Advisory was ordered to pay a civil money penalty in the amount of $200,000. https://www.sec.gov/files/litigation/admin/2026/ia-7016.pdf
9. On September 18, 2026, the SEC instituted administrative proceedings against Hatteras Investment Partners LP and David Perkins in connection with the intended liquidation of several registered funds. Perkins ignored multiple red flags concerning a proposed transaction with Beneficient and proceeded despite concerns raised by HIP’s Fractional CFO. The transaction exchanged the funds’ illiquid alternative assets for Beneficient preferred shares, which later declined substantially in value and resulted in approximately $300 million in losses to the funds. The SEC found that HIP and Perkins did not have a reasonable basis to conclude that the transaction was in the funds’ best interests or would provide the intended liquidity and liquidation. Perkins was also the firm’s CEO, Co-Founder, majority owner, and Chief Compliance Officer. Perkins was ordered to pay a civil money penalty in the amount of $250,000. https://www.sec.gov/files/litigation/admin/2026/34-106445.pdf
10. On September 18, 2026, the SEC instituted administrative proceedings against Philip Pursino and Pursino Advisory Group LLC. Pursino and PAG overbilled 28 clients by $53,989 including charging a 3% advisory fee instead of the agreed 2.5% fee and charging one client fees on cash assets that were not managed by PAG. PAG also overstated its RAUM and remained improperly registered with the SEC despite not meeting the applicable RAUM threshold. PAG and Pursino had previously been alerted to similar issues during SEC examinations and had reimbursed clients for the overcharges. The respondents were censured and ordered to cease and desist from future violations. Pursino Advisory Group LLC was ordered to pay a civil money penalty in the amount of $25,000. Philip Pursino was ordered to pay a civil money penalty in the amount of $15,000. https://www.sec.gov/files/litigation/admin/2026/ia-6996.pdf
11. On September 11, 2026, the SEC instituted administrative proceedings against Haywood Securities (USA) Inc. Haywood failed to adequately implement its AML policies and procedures for identifying, investigating, and monitoring suspicious activity. The firm failed to file SARs involving accounts with red flags related to criminal activity, suspicious trading, customer identity concerns, and other potentially suspicious transactions. Haywood also failed to include certain high-risk accounts in heightened monitoring and failed to adequately train registered representatives regarding SAR requirements. The SEC also noted that Haywood revised its AML policies and procedures, increased AML compliance staffing, retained a third-party consultant, and implemented new supervision and review protocols. Haywood Securities (USA) Inc. was ordered to pay a civil money penalty in the amount of $750,000. https://www.sec.gov/files/litigation/admin/2026/34-106333.pdf
12. On September 10, 2026, the SEC filed a civil complaint against Ernest Boateng, Intercontinental Wealth Network LLC, and I Wealth Network LP. Boateng solicited at least $16 million from at least 200 investors through the I-Fund, promising guaranteed returns typically ranging from 25% to 100% or more and representing that the investments were safe and insured. Instead, approximately $6.6 million was used to make Ponzi-like payments to earlier investors and at least $5.8 million was used for Boateng’s personal expenses. Boateng also engaged in high-risk stock and options trading, fabricated account statements using the logo of an SEC-registered brokerage firm and made false statements about how investors’ money was being invested. The SEC is seeking disgorgement, prejudgment interest, civil monetary penalties, injunctions, and to bar Boateng and Intercontinental from participating in the securities industry. This matter is being litigated. https://www.sec.gov/files/litigation/complaints/2026/comp-pr2026-86.pdf
13. On September 9, 2026, the SEC obtained a final judgment against Invesco Alpha Inc., an investment adviser, for making material misrepresentations and unsubstantiated statements in its Form ADV. Invesco Alpha represented that it was an Exempt Reporting Adviser, operated from an office in Colorado, managed $5 million in assets, advised a private fund, and that another registered investment adviser reported information about the fund. The SEC found that these representations could not be substantiated and that Invesco Alpha failed to respond to requests for records supporting its Form ADV disclosures. The final judgment permanently enjoins Invesco Alpha from future violations and prohibits the firm, its owners, and executive officers from filing a Form ADV as an Exempt Reporting Adviser. Invesco Alpha Inc. was ordered to pay a civil money penalty in the amount of $1,182,254. https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26636
14. On September 8, 2026, the SEC instituted administrative proceedings against Independent Financial Group, LLC. The firm failed to file required Forms 13F despite having an obligation to do so and did not begin filing until May 2026. Its first filing reported approximately $4.5 billion in Section 13(f) securities across 1,447 positions. Independent Financial Group was censured and ordered to pay a civil money penalty in the amount of $500,000. https://www.sec.gov/files/litigation/admin/2026/34-106287.pdf
15. On September 4, 2026, the SEC filed a subpoena enforcement action against Institutional Shareholder Services, Inc., an SEC-registered investment adviser, seeking a court order requiring ISS to comply with an outstanding SEC administrative subpoena. The subpoena seeks records concerning ISS’s proxy recommendations and voting activities that are relevant to the SEC’s examination of its compliance with federal securities laws. ISS has not fully produced the requested records despite repeated requests, extended deadlines, and an administrative subpoena. The SEC is seeking an order compelling ISS to comply with the subpoena. The SEC has not concluded that ISS or any individual violated the federal securities laws. This matter is being litigated. https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26632
16. On September 4, 2026, the SEC obtained final judgments against Parker Austin and Embarcadero Capital Advisors, Inc. for fraud, improper disclosure of client nonpublic personal information, and misleading disclosures concerning Austin’s disciplinary history and termination from his former advisory firm. Austin sent nonpublic personal information belonging to his former employer’s clients to his future business partner and breached his fiduciary duty to a client by placing the client in investments contrary to the client’s instructions. After launching Embarcadero, Austin and the firm made misleading statements regarding his disciplinary history and termination in an effort to induce clients to join the firm. Austin was ordered to pay a $118,225 civil penalty and was barred from acting as or being associated with any broker, dealer, or investment adviser for three years. Embarcadero was ordered to pay $25,000 in disgorgement, $2,505 in prejudgment interest, and a $120,000 civil penalty. https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26631
17. On September 4, 2026, the SEC filed fraud charges against Omar Chavez for making false statements to clients and misappropriating client funds. Chavez obtained more than $940,000 from at least 16 clients to trade securities on their behalf, representing that he was generating monthly returns of 10% to 20% and had sufficient personal assets to guarantee the return of client funds. Chavez reported fictitious profits to clients, while in reality losing substantial amounts through trading and using client funds for personal expenses and payments to other clients. The SEC seeks permanent injunctive relief, disgorgement with prejudgment interest, and a civil penalty. This matter is being litigated. https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26630
18. On September 4, 2026, the SEC filed a settled action against Waldon Fenster, an unregistered investment adviser and founder of the Last Mile Loan private fund, for misappropriating investor funds and making false statements to investors. Fenster raised approximately $3.6 million from 23 investors for the fund, representing that the money would be used to make short-term, high-interest bridge loans to small businesses. The fund did not issue any loans, and Fenster misappropriated more than $2.5 million for gambling, trips, and personal living expenses, while returning some funds to investors to encourage referrals. Fenster consented to a final judgment, subject to court approval, requiring $2,516,121 in disgorgement, $450,012 in prejudgment interest, and a $236,451 civil penalty. Fenster was also barred from association with any broker, dealer, or investment adviser and prohibited from issuing, purchasing, offering, or selling securities, except for his own personal account. https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26628
19. On September 3, 2026, the SEC proposed rescinding its pay-to-play rule for investment advisers, which currently restricts an adviser from providing compensated advisory services to a government client for two years following certain political contributions to covered elected officials or candidates. The proposal would rescind Rule 206(4)-5 and remove the related recordkeeping requirements. The SEC stated that the rule has created operational challenges and unintended consequences, including restrictions resulting from relatively small political contributions. Other Advisers Act requirements, including fiduciary duty, the compliance rule, and the Code of Ethics rule, would remain in effect. The public comment period will remain open for 60 days after publication of the proposing release in the Federal Register. https://www.sec.gov/newsroom/press-releases/2026-85-sec-proposes-rescission-political-contribution-rule-investment-advisers
20. On September 1, 2026, the SEC authorized the transfer of the remaining $1,274,626 in the Fair Fund established in connection with TIAA-CREF Individual & Institutional Services LLC to the U.S. Department of the Treasury and terminated the Fair Fund. The Fair Fund was established following the SEC’s prior enforcement action involving TIAA-CREF Individual & Institutional Services, which resulted in $936,714 in disgorgement, $103,424 in prejudgment interest, and a $1,250,000 civil money penalty. The firm distributed $1,088,358 through 5,914 payments to harmed current and former customers, with $1,081,269 successfully disbursed. The remaining funds, consisting of uncashed checks, de minimis amounts, and undistributed funds, were determined to be infeasible to return to investors and were therefore authorized for transfer to the Treasury. https://www.sec.gov/files/litigation/admin/2026/34-106249.pdf
21. On August 28, 2026, the SEC charged Ichcoin Tech Corp. with making false statements in its Form ADV regarding its eligibility to report as an exempt reporting adviser, its purported office location, telephone number, and CRD identification information. Ichcoin reported an Albany, New York office, a Colorado telephone number, and a CRD number that belonged to an unrelated individual, despite not being eligible to report as an exempt reporting adviser and not having an office at the reported address. Ichcoin also failed to provide records requested by SEC staff to substantiate the information reported in its Form ADV. The SEC seeks a permanent injunction, a conduct-based injunction prohibiting Ichcoin and individuals acting on its behalf from filing Form ADV as an exempt reporting adviser, and a civil monetary penalty. This matter is being litigated. https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26623