The SEC filed charges against an individual and his investment advisory firm for misconduct and for investing more than 25 percent of the assets of a mutual fund in a single company over more than two-and-a-half years thereby causing losses of approximately $1.6 million. Previously the defendants in the case settled SEC charges that they, as investment advisers to the mutual fund, violated its policy by investing more than 25 percent of its assets in one industry between July 2017 and June 2020, committing fraud and breaching their fiduciary duties. The SEC complaint alleges that, despite being ordered to stop this conduct, the defendants continued their fraud by violating the 25 percent industry concentration limit and making misrepresentations about it between at least November 24, 2021, and June 23, 2024. As a result, the complaint alleges that the defendants’ decision to wait to sell the relevant stock resulted in the aforementioned losses to the Fund and its investors.