Investment Adviser Pleads Guilty to Lying to SEC Officials during an Examination

24 September 2013
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Key takeaways:

  • Parallel civil and criminal actions recently brought by the SEC and U.S. Attorney’s Office for the Eastern District of New York have demonstrated the government’s willingness to proceed criminally against those who make material false statements in the course of an SEC examination.
  • In preparing for SEC examinations, investment advisers should ensure that all individuals responsible for communicating with SEC exam staff are aware of the potential consequences for withholding material information or otherwise failing to respond truthfully.