Financial ADVSR data, updated October 15, 2026
Regulation & Enforcement Tracker
Every SEC and FINRA action against investment advisers, brokers and their firms in 2026, recorded from the regulators’ own releases and linked to each one.
Regulators have brought 102 actions against advisers, brokers and their firms this year, 98 by the SEC and 4 by FINRA, with $229M in fines, disgorgement and restitution. The largest: Western Asset Management Company LLC, $100M (SEC, Oct 6, 2026).
- Actions in 2026
- 102
- Against firms
- 47
- Against individuals
- 55
- Ordered or agreed
- $229M
By regulator
Disgorgement includes prejudgment interest. Amounts are what each release says was ordered or agreed, not what was collected.
By alleged violation
Largest sanctions of 2026
- $100MWestern Asset Management Company LLCSEC, other, Oct 6, 2026Release
- $100MWestern Asset Management Company, LLCSEC, supervision, Jun 5, 2026Release
- $20MUBS Financial Services Inc.FINRA, anti-money laundering, Aug 3, 2026Release
- $3MStephen Kenneth LeechSEC, fraud and misappropriation, Oct 6, 2026Release
- $1.6MAmerican Portfolios Financial Services, Inc.FINRA, supervision, Sep 22, 2026Release
- $800,000Revere Securities LLCFINRA, anti-money laundering, Oct 6, 2026Release
- $659,350Keith R. GebertSEC, fiduciary duty and conflicts, Sep 24, 2026Release
- $650,000Jefferies LLCSEC, recordkeeping and communications, Oct 9, 2026Release
- $600,000Riadh FakhourySEC, marketing and disclosures, Apr 8, 2026Release
- $236,451Ivan MoadSEC, fraud and misappropriation, Aug 13, 2026Release
The log
Download CSV27 actions match Clear
- 34-106673
Raymond Lawrence Lent (dba The Putney Financial Group, Registered Investment Advisors)
According to the SEC's order, Lent and his adviser Putney failed to fully and fairly disclose conflicts from revenue sharing and commissions received on advisory client investments, from April 2016 through October 2021.
Injunctive relief; cease-and-desist order
SettledFiduciary duty and conflictsOfficial release
- IA-7021
CityVest Capital Inc.
According to the SEC's order, CityVest failed to disclose conflicts of interest from undisclosed loans of $425,000 borrowed from three access funds it managed, in willful violation of Section 206(2) of the Advisers Act.
$10,000 penalty
Cease-and-desist; censure
Settled without admitting or denyingFiduciary duty and conflictsOfficial release
- IA-7021
CV Manager LLC
According to the SEC's order, CV Manager participated in undisclosed loans from three access funds it managed, failing to disclose resulting conflicts, in willful violation of Section 206(2) of the Advisers Act.
Cease-and-desist; censure
Settled without admitting or denyingFiduciary duty and conflictsOfficial release
- IA-7021
Alan P. Donenfeld
According to the SEC's order, Donenfeld caused CityVest to take loans from access funds without full and fair disclosure to the funds or their investors, in willful violation of Section 206(2) of the Advisers Act.
$10,000 penalty
Cease-and-desist; censure
Settled without admitting or denyingFiduciary duty and conflictsOfficial release
- IA-7019
Zoe Financial, Inc.
According to the SEC's order, Zoe Financial failed to disclose its financial incentive to refer clients to third-party advisers using its Zoe Wealth platform and misleadingly described how it mitigated referral conflicts, violating Section 206(2) of the Advisers Act.
Censure; cease-and-desist; civil money penalty
Settled without admitting or denyingFiduciary duty and conflictsOfficial release
- IA-7018, IC-36344
Keith R. Gebert
According to the SEC's order, Gebert failed to disclose more than $500,000 in referral fees received from a real estate company affiliated with a private fund he recommended to advisory clients, in willful violation of Advisers Act Sections 206(1) and 206(2).
$150,000 penalty, $509,350 disgorgement and interest
Cease-and-desist; barred from association with any investment adviser, broker, dealer or investment company; prejudgment interest of $135,138
Settled without admitting or denyingFiduciary duty and conflictsOfficial release
- 34-106124
Investmark Advisory Group LLC
According to the Commission's order, Investmark was ordered in 2019 to pay $103,107.84 in disgorgement and prejudgment interest over 12b-1 fee share class selection; the remaining fund balance will go to Treasury.
Remedial sanctions; cease-and-desist order
Outcome in the releaseFiduciary duty and conflictsOfficial release
- 34-106123
Wells Fargo Clearing Services LLC
According to the Commission's order, the respondents' 2019 share class selection order required $17,363,847.29 in disgorgement and prejudgment interest; this release terminates the distribution fund and transfers remaining funds to Treasury.
Remedial sanctions; cease-and-desist order
Outcome in the releaseFiduciary duty and conflictsOfficial release
- 34-106123
Wells Fargo Advisors Financial Network, LLC
According to the Commission's order, the respondents' 2019 share class selection order required $17,363,847.29 in disgorgement and prejudgment interest; this release terminates the distribution fund and transfers remaining funds to Treasury.
Remedial sanctions; cease-and-desist order
Outcome in the releaseFiduciary duty and conflictsOfficial release
- 34-106121
Trustcore Financial Services, LLC
According to the SEC's order, the respondent must pay $422,261.28 in disgorgement and prejudgment interest over 12b-1 fee share class selection; this release transfers leftover distribution funds to the Treasury.
Remedial sanctions; cease-and-desist order
Outcome in the releaseFiduciary duty and conflictsOfficial release
- 34-106120
Transamerica Financial Advisors, Inc.
Under the SEC's 2019 order, issued under the Share Class Selection Disclosure Initiative, the firm was ordered to pay $6,023,072.68 in disgorgement and prejudgment interest over 12b-1 fee conflicts. This 2026 order transfers leftover distribution fund money to the Treasury and terminates the fund.
Cease-and-desist order; remedial sanctions
Outcome in the releaseFiduciary duty and conflictsOfficial release
- 34-106114
Saxony Capital Management, LLC
According to the SEC's order, the 2019 Share Class Selection Disclosure Initiative order found disclosure failures over 12b-1 fees and share class selection; this 2026 order transfers leftover distribution fund amounts to the Treasury and terminates the fund.
Cease-and-desist order; disgorgement and prejudgment interest; remedial sanctions
Outcome in the releaseFiduciary duty and conflictsOfficial release
- 34-106112
Santander Securities LLC
According to the SEC's order, Santander was ordered in 2019 to pay $270,539.89 in disgorgement and interest over undisclosed 12b-1 fee share class conflicts; undistributed remainder goes to Treasury.
Cease-and-desist order
Outcome in the releaseFiduciary duty and conflictsOfficial release
- 34-106111
J.J.B. Hilliard, W.L. Lyons, LLC
According to the Commission's order, the firm was required in 2019 to pay $925,023.23 in disgorgement and prejudgment interest over undisclosed 12b-1 fee conflicts; remaining distribution funds now go to the Treasury.
Cease-and-desist order; disgorgement; distribution fund administration
Outcome in the releaseFiduciary duty and conflictsOfficial release
- 34-106110
Kestra Private Wealth Services, LLC
According to the SEC's order, the 2019 Share Class Selection Disclosure Initiative order required $549,003.02 in disgorgement and prejudgment interest over 12b-1 fee conflicts; the remaining fund balance now goes to Treasury.
Cease-and-desist order; remedial sanctions
Outcome in the releaseFiduciary duty and conflictsOfficial release
- 34-106106
Commonwealth Equity Services, LLC
According to the SEC's order, the 2019 share class selection order required $1,637,303.45 in disgorgement over undisclosed 12b-1 fee conflicts; remaining distribution funds now go to the Treasury.
Cease-and-desist order; remedial sanctions
Outcome in the releaseFiduciary duty and conflictsOfficial release
- 34-106101
Beacon Investment Management LLC
According to the SEC's 2026 order, the 2019 Advisers Act order required disgorgement and interest over 12b-1 fee conflicts, and remaining distribution fund money goes to the Treasury.
Outcome in the releaseFiduciary duty and conflictsOfficial release
- 34-106098
Provise Management Group, LLC
According to the Commission's order, the 2019 order required Provise to pay $297,423.78 in disgorgement and prejudgment interest over 12b-1 fee conflicts; the remaining fund balance will go to the Treasury.
Cease-and-desist; disgorgement
Outcome in the releaseFiduciary duty and conflictsOfficial release
- 34-106096
Kestra Advisory Services, LLC
According to the SEC's order, Kestra was ordered to pay $6,196,279.35 in disgorgement and prejudgment interest over 12b-1 fee share class conflicts; remaining distribution fund money goes to Treasury.
Remedial sanctions; cease-and-desist order
Outcome in the releaseFiduciary duty and conflictsOfficial release
- 34-106088
CUSO Financial Services, L.P.
The Commission's 2019 order, under Advisers Act Sections 203(e) and 203(k), found conflicts from 12b-1 fees and share class selection; the Commission has now approved the final accounting, transferred infeasible remaining funds to the Treasury and terminated the Distribution Fund.
Cease-and-desist order
Outcome in the releaseFiduciary duty and conflictsOfficial release
- 34-106086
IPG Investment Advisors, LLC
According to the SEC's order, the Commission's 2019 order required IPG to pay $85,294.33 in disgorgement and prejudgment interest over 12b-1 fee and share class selection conflicts; this 2026 order transfers the remaining $1,222.71 fund balance to the Treasury.
Cease-and-desist order; disgorgement and prejudgment interest
Outcome in the releaseFiduciary duty and conflictsOfficial release
- 34-106084
AXA Advisors, LLC
According to the Commission's order, AXA Advisors faced conflicts from receiving 12b-1 fees or selecting share classes paying such fees when lower-cost shares were available, and was ordered to pay $1,134,152 in disgorgement and interest.
Cease-and-desist order; remedial sanctions
Outcome in the releaseFiduciary duty and conflictsOfficial release
- 34-105556
David Lerner Associates, Inc.
According to the SEC's order, DLA failed to comply with Regulation Best Interest's Care and Compliance Obligations by recommending Class A mutual fund switches that imposed new sales charges and by lacking reasonably designed policies for Customized Investment Plans.
$60,000 penalty, $126,548 disgorgement and interest
Cease-and-desist order; censure; Fair Fund to distribute monetary relief to harmed investors
Settled without admitting or denyingFiduciary duty and conflictsOfficial release
- 34-105299
Madison Capital Funding LLC
According to the SEC's order, the adviser priced principal trades with pooled funds at values that were not fair market value from March to May 2020, failed to determine the effect of market disruption on loan values, and breached its fiduciary duty to the funds.
Civil money penalty; cease-and-desist order; Fair Fund created
Outcome in the releaseFiduciary duty and conflictsOfficial release
- IA-6954
Ally Invest Advisors Inc.
According to the SEC's order, Ally Invest failed to disclose a conflict of interest in setting a 30% cash allocation in its no-advisory-fee robo-advisor accounts and inaccurately described its use of Modern Portfolio Theory, violating Section 206(2) of the Advisers Act.
Censure; cease-and-desist; undertakings to notify affected investors
Settled without admitting or denyingFiduciary duty and conflictsOfficial release
- IA-6953
Stuart Frost
According to the SEC's order, Frost consented to findings that he violated Advisers Act Section 206(4) and Rule 206(4)-8 and that the Civil Action permanently enjoined him from violations of Sections 206(1), 206(2), 206(4) and Rule 206(4)-8, based on undisclosed and improper management and incubator fees.
Barred from association with any investment adviser, broker, dealer, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization
Settled; admitted the findingsFiduciary duty and conflictsOfficial release
- IA-6940
Engaged Capital, LLC
According to the SEC's order, Engaged invested client assets in 2022 SPAC transactions that increased the value of its own and its personnel's SPAC interests without disclosing those conflicts, violating Advisers Act Section 206(2).
Censure; cease-and-desist
Settled without admitting or denyingFiduciary duty and conflictsOfficial release
Cite this
Financial ADVSR, “Regulation & Enforcement Tracker,” updated October 15, 2026, https://www.financialadvsr.com/data/enforcement
How we report actions
The tracker records only what the regulators publish. Each entry comes from an SEC litigation release, an SEC administrative proceeding or a FINRA news release, and links to it. We use the regulator’s own framing: what the SEC alleges in a contested case stays an allegation, and a settlement made without admitting or denying the findings is labeled that way. Individuals appear only as the official release names them, and a name links to one of our people pages only when the CRD number matches, or the name and the firm in the release both match the profile. We don’t comment on guilt or innocence.
The scope is investment advisers, broker-dealers, registered representatives and the people who work with them. Public-company accounting cases, delinquent filers and offering frauds that involve no adviser or broker are left out. Each respondent named in a release gets its own entry, and an amount ordered jointly is counted once.
What it doesn’t show
- FINRA entries come from FINRA’s news releases, which cover its larger cases. The full list is in FINRA’s monthly disciplinary actions reports and on BrokerCheck.
- State securities regulators’ actions aren’t included yet.
- Amounts are what was ordered or agreed, not what was paid. Some SEC orders are published only as documents; their amounts are in the linked order.
- An action can be appealed, vacated or settled later. The release linked is the record as of the date shown.
Entries are recorded with the help of software that reads each release; every name, amount and CRD number must appear in the release text. If you see an error, or a regulator’s record has changed, tell us through our corrections process. The data is free to use under CC BY 4.0 with credit to Financial ADVSR. Coverage of the rules behind these cases: Regulation.
Questions
How many SEC enforcement actions against investment advisers and brokers have there been in 2026?
Financial ADVSR has recorded 98 SEC actions in 2026 against investment advisers, broker-dealers and people associated with them, from the SEC’s litigation releases and administrative proceedings, through October 15, 2026. One release can name several respondents; each is counted once.
What is the largest FINRA fine of 2026?
The largest FINRA sanction recorded so far in 2026 is $20,000,000 against UBS Financial Services Inc., announced August 3, 2026. FINRA fined UBS Financial Services Inc. $20 million for anti-money laundering violations.
What does “without admitting or denying” mean?
Most SEC and FINRA settlements let the firm or person agree to sanctions without admitting or denying the findings. The regulator’s findings stand for the settlement, but they are not an admission. The tracker shows the wording each release uses.
Where does the data come from?
Only official releases: the SEC’s litigation releases and administrative proceedings, and FINRA’s news releases. Each action links to the release it came from. Amounts, names and CRD numbers are recorded only when the release states them.
How do I report an error in the tracker?
Write to the editors through the corrections process on our editorial standards page. Errors are corrected promptly, and a respondent can ask us to update an entry when the regulator’s record changes.