1. On November 25, 2025, the SEC instituted administrative proceedings against Joshua Charles Avikzer Goltry. Goltry, founder and Chief Investment Officer of JAG Cap and principal of JAG Capital Advisors, previously consented to a federal judgment permanently enjoining him from violating the antifraud provisions of the Securities Act, Exchange Act and Advisers Act. The SEC found that, from 2020 to 2023, Goltry defrauded investors of at least $3 million by fabricating performance results, creating fake account statements, misrepresenting trading activity, and misappropriating client funds for personal expenses, travel, rent, and luxury items. He is barred from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization, with any future reentry subject to full compliance and satisfaction of disgorgement, penalties, or restitution obligations. https://www.sec.gov/files/litigation/admin/2025/ia-6929.pdf
2. On November 25, 2025, the SEC instituted administrative proceedings against M Holdings Securities, Inc. The SEC found that M Holdings violated the Safeguards Rule and the Identity Theft Red Flags Rule for failing to adopt written policies to safeguard customer records, leading to cybersecurity incidents, including email account takeovers that exposed over 8,500 individuals’ personally identifiable information (PII). Additionally, M Holdings did not maintain an updated Identity Theft Prevention Program to address emerging cybersecurity risks. The SEC has imposed a $325,000 civil penalty. https://www.sec.gov/files/litigation/admin/2025/34-104255.pdf
3. On November 24, 2025, the SEC ordered Rudney Associates, Inc. and its founder Eric Rudney to cease and desist from violations of the Advisers Act, following a history of compliance failures. Rudney Associates failed to implement and review its compliance policies, misrepresented client fees in its brochure, and did not obtain signed advisory agreements with clients. The SEC imposed a $150,000 civil penalty on Rudney Associates and required the firm to retain an independent compliance consultant. The firm is also ordered to pay a civil penalty and comply with the undertakings to improve its compliance practices. https://www.sec.gov/files/litigation/admin/2025/ia-6927.pdf
4. On November 21, 2025, the SEC approved a Plan of Distribution for the Fair Fund arising from its 2023 administrative action against Summit Planning Group, Inc. and its owner, Richard Urciuoli. The prior order found that Summit breached its fiduciary duty and failed to adopt adequate compliance policies when Urciuoli invested 293 client accounts in VXX for extended periods despite the product’s clear warnings that it was intended only for very short-term use, causing over $443,809 in client losses. The respondents previously paid $109,401 in disgorgement, prejudgment interest, and penalties, which now comprise the Fair Fund. The approved plan provides for distributing the Net Available Fair Fund to advisory clients who were improperly placed in VXX during July 30 to December 1, 2021. https://www.sec.gov/files/litigation/admin/2025/34-104238.pdf
5. On November 21, 2025, the SEC issued an order authorizing the transfer of the remaining funds in the PPS Advisors, Inc. Fair Fund to the U.S. Department of the Treasury and terminating the Fair Fund. The Fair Fund was created following a 2018 administrative proceeding in which PPS Advisors and its CEO, Lawrence Passaretti, were ordered to pay $706,746 in disgorgement, prejudgment interest, and civil penalties for violations of Sections 206(2), 206(4), and 207 of the Investment Advisers Act and Rule 206(4)-7. PPS and Passaretti invested advisory clients in mutual fund share classes that charged 12b-1 fees instead of less expensive share classes of the same funds that were available without 12b-1 fees in many instances. PPS’s disclosures failed to adequately inform its clients of the conflict of interest presented by its investment adviser representatives’ (“IARs”) share class selection practices. In particular, PPS did not disclose that its IARs had a conflict of interest as a result of the additional compensation an IAR received for investing advisory clients in a fund’s 12b-1 fee paying share class when a less expensive share class was available for the same fund. Furthermore, the practice of investing advisory clients in mutual fund share classes that charged 12b-1 fees rather than less expensive share classes of the same funds was inconsistent with PPS’s duty to seek best execution for those transactions. Additionally, PPS failed to adopt and implement written policies and procedures reasonably designed to prevent violations of the Advisers Act and the rules thereunder in connection with its mutual fund share class selection practices. The respondents successfully distributed $687,899 to 1,110 investors, compensating them for approximately 67% of their losses, and returned $18,846 in residual funds. The SEC has approved the final accounting and directed the transfer of the remaining funds to the Treasury. https://www.sec.gov/files/litigation/admin/2025/34-104236.pdf
6. On November 20, 2025, FSG International, Inc. (FSG) and two of its principals, Carlos Mormeneo and Harold Seigel, consented to an enforcement action and were found to have made deceptive and misleading representations to customers during sales solicitations. Additionally, FSG used deceptive and unbalanced promotional material and failed to submit it for regulatory approval prior to use. FSG, Mormeneo, and Seigel also failed to supervise employees’ conduct and violated principles of commercial honor and just and equitable trade practices. FSG agreed to pay a penalty of $500,000 and permanently withdraw its registration. https://www.nfa.futures.org/newsnotices/newsArticle.aspx?ArticleID=44
7. On November 19, 2025, the SEC charged Michael Hull, Christopher Nohl, Bluepoint Investment Counsel LLC, Chrysalis Financial LLC, and Greenpoint Asset Management II LLC with securities fraud involving a private investment fund that reported inflated returns tied to an illiquid portfolio of gems, minerals, and private equity. The Court found Hull and Nohl liable along with their related entities for fraudulently operating and promoting the fund and ordered them to return $12,560,647 in disgorgement and $3,537,378 in prejudgment interest. Hull and Nohl were ordered to pay civil money penalties of $5,000,000 each, and Greenpoint Asset Management, Chrysalis Financial, and Bluepoint Investment were each ordered to pay civil money penalties of $500,000. Hull, Nohl, Greenpoint Asset Management, and Chrysalis Financial were also permanently enjoined. Hull and Nohl were ordered to pay disgorgement in the amount of $12,560,647, prejudgment interest of $3,537,378, and civil money penalties of $5,000,000 each. https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26422
8. On November 17, 2025, the SEC announced charges against Bluesky Eagle Capital Management Ltd., Supreme Power Capital Management Ltd., AI Financial Education Foundation Ltd., AI Investment Education Foundation Ltd., Invesco Alpha Inc., and Adamant Stone Limited for making material misrepresentations in their Forms ADV. The SEC alleges that the firms provided false and misleading information about their organizations, office locations, assets under management, and clients. The SEC’s complaints, filed in New York and Colorado, detail how the firms falsely claimed significant assets under management, including $10 million for Bluesky Eagle, Supreme Power, AI Financial, and Adamant Stone, $5 million for Invesco Alpha, and $1 million for AI Investment. The firms also misrepresented their office locations, claiming to operate from office spaces in New York and Denver when, in fact, the current business residents of those spaces had no knowledge of the entities. Additionally, Bluesky Eagle and Supreme Power falsely claimed to be public companies, but no records of such entities exist in the SEC’s public company database. The complaints also allege that the firms failed to respond to SEC requests for records to substantiate their claims. The SEC charged the firms with violations of Sections 204(a) and 207 of the Investment Advisers Act of 1940 and is seeking injunctive relief and civil penalties. The investigation is ongoing, with the SEC’s Boston Regional Office leading the effort. https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26416
9. On November 17, 2025, the SEC initiated an administrative proceeding against Anthony Viggiano, a CPA, following his guilty plea to securities fraud in connection with insider trading. The SEC charged Viggiano for tipping two individuals with material non-public information related to mergers, acquisitions, and strategic partnerships, which led to trades based on the information. The SEC imposed barred sanctions against Viggiano, preventing him from associating with any broker-dealer, investment adviser, or other financial entity for 10 years, with the possibility of re-entry after that period. Additionally, Viggiano is barred from participating in penny stock offerings for the same duration. He is also subject to re-entry conditions, which may include paying disgorgement, civil penalties, or arbitration awards stemming from related actions. Viggiano was also ordered to pay $35,000 in disgorgement, which was satisfied through a forfeiture order in the related criminal case. https://www.sec.gov/files/litigation/admin/2025/34-104184.pdf
10. On November 17, 2025, the SEC Division of Examinations released its 2026 examination priorities, aiming to provide transparency for registrants and investors about the Division’s focus areas for the new fiscal year. The Division’s priorities include core areas such as fiduciary duty, standards of conduct, and the custody rule, while also focusing on compliance with new regulations, including the 2024 amendments to Regulation S-P. The 2026 priorities are designed to address emerging risks in the financial and regulatory environment, with a focus on protecting investors and ensuring fair and orderly capital markets. The SEC also seeks to support firms by offering transparency and practical guidance on compliance efforts. https://www.sec.gov/newsroom/press-releases/2025-132-sec-division-examinations-announces-2026-priorities
11. On Nov 13, 2025, U.S. President Donald Trump pardoned Joe Lewis, the British billionaire who pleaded guilty to insider trading in New York last year. Lewis joins a list of wealthy individuals convicted of financial crimes who have received pardons from Trump in his second term, including Binance founder Changpeng Zhao and Nikola founder Trevor Milton.
12. On November 13, 2025, thousands of SEC employees returned to their offices following the opening of the government. Experts say it will likely take at least one month for SEC employees to catch up with a backlog of examinations and casework.
13. On November 13, 2025, the SEC announced that Antonia Apps, Deputy Director of the Division of Enforcement, will conclude her tenure with the agency effective December 1, 2025. During her leadership as Regional Director of the New York Regional Office from 2023 to 2025, she oversaw more than 600 staff, expanded enforcement activity and increased hiring. Her tenure marked a period of record enforcement actions and examinations, positioning the New York office as one of the SEC’s most active divisions nationwide.
14. On November 12, 2025, Oil Brokerage Limited (OBL) consented to an enforcement action in connection with having solicited or accepted customer orders without its individuals being promptly registered. Additionally, OBL failed to establish and enforce a supervisory system reasonably designed to ensure that its employees complied with applicable rules and registrations. OBL agreed to pay a penalty of $290,000. https://business.cch.com/srd/20251113-regulatory-actions-detail-docaspx.pdf
15. On November 3, 2025, First Trust Portfolios L.P., settled an enforcement action in connection with providing excessive gifts, meals and entertainment to employees that far exceeded regulatory limits and, in some cases, were conditioned on meeting sales targets. First Trust also falsified internal expense reports, submitted misleading quarterly reports and failed to maintain adequate supervisory systems. First Trust consented to a $10 million penalty and required annual certifications for three years confirming the adequacy of its supervisory systems. https://www.finra.org/sites/default/files/fda_documents/2020066123602%20First%20Trust%20Portfolios%20L.P.%20CRD%2028519%20AWC%20ks.pdf