SEC Charges Nine Investment Advisers in Ongoing Sweep into Marketing Rule Violations

The Securities and Exchange Commission today announced settled charges against nine registered investment advisers for violating the Marketing Rule by disseminating advertisements that included untrue or unsubstantiated statements of material fact or testimonials, endorsements, or third-party ratings that lacked required disclosures. All nine firms have agreed to settle the SEC’s charges and to pay $1,240,000 in combined civil penalties. The nine firms and their penalties are: Abacus Planning Group Inc. agreed to pay a civil penalty of $150,000; AZ Apice Capital Management LLC agreed to pay a civil penalty of $70,000; Beta Wealth Group, Inc. agreed to pay a civil penalty of $80,000; Droms Strauss Advisors Inc.