SEC sues 38 entities over fake adviser filings

The U.S. Securities and Exchange Commission sued 38 entities on Aug. 27, alleging they submitted false Forms ADV between 2025 and 2026 to present themselves as legitimate investment advisers. Summary 38 entities allegedly used false SEC filings to appear legitimate while targeting retail investors nationwide. Several defendants accessed the filing system through IP addresses traced to foreign jurisdictions, regulators alleged. SEC complaints cite false Colorado addresses, disconnected telephone numbers, and auditors absent from public registries. Exempt reporting advisers serve private funds and cannot provide investment advice directly to individual investors. The regulator removed all 38 filings and seeks injunctions, filing bans, and civil monetary penalties. The SEC filed 38 separate civil complaints in the U.S. District Court for the District of Colorado. The regulator alleges that several defendants likely operated overseas and used official public filings to gain credibility with U.S. retail investors. The allegations have not been proven in court. The SEC did not report how much investors transferred to the entities, identify confirmed victims or disclose total losses. 🚨Tod...