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

The U.S. Securities and Exchange Commission has filed civil 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 attract retail investors. According to ChainCatcher, the SEC has removed the related ERA filings for the 38 entities from its website and is seeking permanent injunctions and civil penalties. The defendants include several crypto-related entities such as CryptoOrbit, Ftaexchange, Pinnacle Crypto Exchange, Quantum Financial Institute, and RBH Infinity Exchange.