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SEC sues 38 entities over fake adviser filings
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SEC sues 38 entities over fake adviser filings

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  • The SEC sued 38 entities over allegedly false adviser filings submitted between 2025 and 2026.
  • The entities allegedly used false addresses, phone numbers and auditor details to appear legitimate.
  • The SEC seeks injunctions, civil penalties and bans on future adviser filings.

The US Securities and Exchange Commission sued 38 entities over allegedly false adviser filings.

The regulator said the entities submitted Forms ADV between 2025 and 2026 to appear as legitimate investment advisers.

The SEC alleged that some entities used false Colorado addresses and disconnected phone numbers.

Some filings also listed auditors that investigators could not find in public accountancy registries.

The regulator said several entities used similar financial details, ownership structures and investor numbers in their filings.

Some entities used names linked to crypto, exchanges, Web3 and financial education, although the SEC did not classify all defendants as crypto businesses.

The SEC removed the 38 filings and is seeking injunctions, civil penalties and restrictions on future Forms ADV submissions.

The allegations have not been proven in court, and the SEC has not disclosed confirmed victims or total investor losses.

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