On July 20, 2018, the SEC announced the settlement of charges against a Beverly Hills-based Registered Investment Adviser (RIA) and its majority owner, because the firm improperly refused to refund unearned advisory fees to 63 clients who left the firm. The RIA also made material misstatements in written disclosures to clients regarding the firm’s financial condition. According to the SEC’s order instituting administrative and cease-and-desist proceedings, the RIA and its owner withheld $131,000 in prepaid unearned advisory fees. The 63
Read More