SEC Charges 6 Purported Advisers with Misrepresentations in Form ADV (11/13/25)

In an enforcement sweep, the SEC filed complaints against six purported investment advisers for misstatements in Form ADV regarding the location of their operations and, in some cases, regarding private funds that the firms reportedly managed. In each case, the SEC noted that the firm failed to produce records for an examination and failed to respond to a request by SEC attorneys to provide records to substantiate the information on Form ADV. The SEC is seeking injunctive relief and civil penalties and noted that its investigation is ongoing.