SEC Dual Registrant Successfully Defends Enforcement Investigation

Faegre Drinker represented a dually-registered Securities and Exchange Commission (SEC) investment adviser and broker-dealer in an investigation conducted by SEC Enforcement’s Asset Management Unit regarding purported disclosure failures and misleading statements by the firm. We obtained termination notices for both the investment adviser and the broker-dealer, closing the investigation without charges, despite SEC examiners alleging obstruction of justice and fraud by the firm in their deficiency letter.