SEC Sues 38 Entities Over Alleged False Statements in Form ADV Filings

The U.S. Securities and Exchange Commission has filed lawsuits against 38 entities, accusing them of making material false statements in Form ADV filings submitted between 2025 and 2026 to pose as legitimate U.S. investment advisers and win retail investor trust. According to Odaily, the SEC said the entities allegedly used fake office addresses, invalid or unrelated phone numbers, and similar ownership structures and financial data. The SEC also said some of the firms claimed their private funds had been audited by accounting firms, but the firms could not be found in U.S. federal or state public accounting registries. In addition, some entities allegedly displayed forged SEC registration certificates on their websites and accessed the SEC filing system from overseas IP addresses while refusing to provide records to verify the filings. The ERA filings for the 38 entities have been removed from the SEC website. The SEC said the entities violated provisions of the Investment Advisers Act of 1940 and is seeking permanent injunctions, bans on filing Form ADV as exempt reporting advisers, and civil penalties.