In a new Marketing Rule enforcement sweep, the SEC charged nine investment advisers with violations, including common themes of 1) untrue or unsubstantiated material statements of fact; 2) misleading or unsubstantiated claims regarding testimonials and endorsements; and 3) outdated third-party awards or ratings made without disclosing the dates given or time periods covered. These cases resulted in combined civil penalties of $1.2 million, ranging from $60,000 to $295,000 per firm.