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 CSV34 actions match Clear
- IA-7027
Michael D. Williams
According to the SEC's order, Williams, through CMI Capital, raised at least $860,000 from at least 18 investors through misrepresentations and misappropriated fund assets for personal use; he consented to a permanent injunction in a related civil action.
Barred from association with any investment adviser, broker, dealer, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization
Settled without admitting or denyingFraud and misappropriationOfficial release
- IA-7026
Stephen Kenneth Leech II
According to the SEC's order, Leech consented to a final judgment permanently enjoining him from violations of Advisers Act and securities antifraud provisions, after the SEC alleged a cherry-picking scheme allocating favorable trades to favored portfolios from January 2021 through October 2023.
Barred from association with any investment adviser, broker, dealer, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization; permanent injunction by consent in related civil action
Settled without admitting or denyingFraud and misappropriationOfficial release
- IA-7025
David Kushner
According to the SEC's order, Kushner consented to a partial judgment enjoining antifraud violations and pled guilty to New York grand larceny and scheme to defraud counts, leading to an associational bar.
Associational bar
SettledFraud and misappropriationOfficial release
- IA-7024
Lawrence Billimek
According to the SEC's order, Billimek pleaded guilty to securities fraud for front-running his employer's trades and consented to a bar with reentry after ten years. Restitution is joint and several with a codefendant.
Bar from association with any investment adviser, broker, dealer or other SEC-regulated entity, with right to apply for reentry after ten years; permanent injunction from future violations of Securities Act 17(a), Exchange Act 10(b) and Rule 10b-5, and Investment Company Act 17(j)
Settled; admitted the findingsFraud and misappropriationOfficial release
- LR-26672
William Sarris
The SEC alleges Sarris misled investors on Linqto's platform about pricing, sold-out offerings, algorithmic pricing and legal compliance while Linqto's subsidiary sold over $430 million of pre-IPO special purpose vehicles.
Injunctive relief; officer and director bar; civil penalties sought
Contested; allegations not decidedFraud and misappropriationOfficial release
- LR-26672
Joseph Endoso
The SEC alleges Endoso misled investors on Linqto's platform about pricing, sold-out offerings, algorithmic pricing and legal compliance while Linqto's subsidiary sold over $430 million of pre-IPO special purpose vehicles.
Injunctive relief; officer and director bar; civil penalties sought
Contested; allegations not decidedFraud and misappropriationOfficial release
- LR-26671
SQN Capital Management LLC
The SEC alleges that from at least 2019 through 2025 SQN Capital breached fiduciary duties to four funds it managed by failing to follow fund documents and inflating net asset values; the firm consented to final judgment without admitting or denying the allegations.
Permanent injunction; receiver appointed to liquidate fund assets and distribute net proceeds to investors
Settled without admitting or denyingFraud and misappropriationOfficial release
- LR-26671
Jeremiah Silkowski
The SEC alleges that Silkowski inflated fund net asset values, had valuations prepared by himself rather than an independent expert, and misled investors about liquidation efforts; he consented to final judgment without admitting or denying the allegations.
$200,000 penalty
Permanent injunction; civil money penalty; permanent bar from acting as or associating with an investment adviser, broker or dealer, except as necessary to assist the court-appointed receiver
Settled without admitting or denyingFraud and misappropriationOfficial release
- LR-26669
Darren J. Caris
The SEC alleges Caris cherry-picked trades from a block trading account from December 2023 to April 2024, allocating profitable trades to his personal account and unprofitable trades to some clients, and made false and misleading statements to clients.
Permanent injunctions sought; disgorgement with prejudgment interest sought; civil penalties sought
Contested; allegations not decidedFraud and misappropriationOfficial release
- LR-26669
Caris Investment Partners, Inc.
The SEC alleges the firm, through Caris, engaged in a cherry-picking scheme and made false and misleading statements to clients and prospective clients about trade allocation, conflicts of interest and its move to a new custodian.
Permanent injunctions sought; disgorgement with prejudgment interest sought; civil penalties sought
Contested; allegations not decidedFraud and misappropriationOfficial release
- LR-26666
Stephen Kenneth Leech
The SEC alleges that from January 2021 through October 2023 Leech delayed trade allocations until after futures settlement prices were set, allocating first-day gains to favored portfolios and losses to disfavored ones. Without admitting or denying the allegations, he consented to a final judgment subject to court approval.
$3,000,000 penalty
Officer-and-director bar; permanent injunction; associational bar agreed (forthcoming)
Settled without admitting or denyingFraud and misappropriationOfficial release
- LR-26659
Meyer Global Management LLC
The SEC alleges that MGM violated its fiduciary duties by misusing client fund assets and misled investors in funds holding SpaceX and other pre-IPO securities, in violation of Advisers Act antifraud provisions.
Permanent injunctive relief; disgorgement with prejudgment interest; civil penalties
Contested; allegations not decidedFraud and misappropriationOfficial release
- LR-26659
Owen E.H. Meyer
The SEC alleges that Meyer, CEO of MGM, misappropriated fund assets for personal expenses and concealed losses by sending inflated account statements to investors, in violation of Advisers Act antifraud provisions.
Permanent injunctive relief; disgorgement with prejudgment interest; civil penalties; conduct-based injunction
Contested; allegations not decidedFraud and misappropriationOfficial release
- LR-26658
Christopher Kenji Dinelli a/k/a Kenji Dinelli
The SEC alleges Dinelli orchestrated a scheme that raised over $8.7 million from 35 investors through Beyond Alpha Ventures and Beyond Equity, and misappropriated over $1 million.
Contested; allegations not decidedFraud and misappropriationOfficial release
- LR-26658
Jacob David Frankel a/k/a Kobi Frankel
The SEC alleges Frankel helped orchestrate a scheme that raised over $8.7 million from 35 investors through Beyond Alpha Ventures and Beyond Equity, and misappropriated over $340,000.
Contested; allegations not decidedFraud and misappropriationOfficial release
- LR-26654
Cryptoaiml Ltd.
The SEC alleges that from August 2024 through March 2025 Cryptoaiml Ltd. used WhatsApp groups, fake AI trading signals and a fake trading platform to defraud investors, and charged it under Exchange Act Section 10(b), Rule 10b-5 and Advisers Act Sections 206(1) and 206(2).
Sought: permanent injunction; conduct-based injunctions; civil penalties
Contested; allegations not decidedFraud and misappropriationOfficial release
- LR-26654
Cryptoaiml Capital Foundation
The SEC alleges that from August 2024 through March 2025 Cryptoaiml Capital Foundation used WhatsApp groups, fake AI trading signals and a fake trading platform to defraud investors, and charged it under Exchange Act Section 10(b), Rule 10b-5 and Advisers Act Sections 206(1) and 206(2).
Sought: permanent injunction; conduct-based injunctions; civil penalties
Contested; allegations not decidedFraud and misappropriationOfficial release
- FINRA release
Rudy Anguiano
FINRA found that Anguiano converted $1,731,000 from two customers' accounts, taking their property intentionally and without authorization, and barred him from associating with any FINRA member firm.
Barred from the industry
Outcome in the releaseFraud and misappropriationOfficial release
- IA-6991
Eric L. Munson
According to the SEC's order, Munson consented to a final judgment in federal court enjoining future violations of Advisers Act and securities antifraud provisions; the complaint alleged he solicited private fund investors with false pre-IPO claims, misappropriated fund capital and overcharged client funds.
Barred from association with any investment adviser, broker, dealer or other SEC-regulated entity, with right to apply for reentry after three years
Decided after a contested caseFraud and misappropriationOfficial release
- 34-106135
GlennCap LLC
According to the SEC's order, GlennCap was found to have willfully violated Securities Act Section 17(a), Exchange Act Section 10(b) and Rule 10b-5, and Advisers Act Sections 206(1) and 206(2). Disgorgement and interest are joint and several with Glenn.
Cease-and-desist order
Outcome in the releaseFraud and misappropriationOfficial release
- 34-106135
Jonathan Vincent Glenn
According to the SEC's order, Glenn was found to have willfully violated Securities Act Section 17(a), Exchange Act Section 10(b) and Rule 10b-5, and Advisers Act Sections 206(1) and 206(2). He pleaded guilty to a related cherry-picking fraud charge.
Cease-and-desist order
Outcome in the releaseFraud and misappropriationOfficial release
- 33-11433, 34- 106132, IA-6989, IC-36299
Ivan Moad
According to the SEC's order, Moad misappropriated over a net $2.1 million from Moma Fund II investors, who were promised funds for pre-IPO Palantir shares.
$236,451 penalty
Cease-and-desist; bar from association with investment advisers, brokers, dealers and other regulated entities; bar from serving investment companies
Settled without admitting or denyingFraud and misappropriationOfficial release
- 34-106046, IA-6988
John Piccarreto
According to the SEC's order, Piccarreto participated in a Ponzi scheme that defrauded investors, after a 2024 consent judgment and a 2021 guilty plea to conspiracy to commit mail fraud and false tax return charges.
Barred from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or NRSRO; barred from participating in any penny stock offering
SettledFraud and misappropriationOfficial release
- 34-106045, IA-6987
Christopher Parris
The Commission found that Parris participated in a Ponzi scheme that defrauded hundreds of investors from at least 2011 to 2017, and he consented to the findings in paragraphs III.2 and III.4 of the order, which relate to a 2024 consent injunction and his 2021 guilty plea to conspiracy to commit mail fraud.
Barred from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization; barred from participating in any offering of a penny stock
SettledFraud and misappropriationOfficial release
- IA-6966
Robert L. Murray, Jr.
According to the SEC's order, Murray misappropriated investor funds from Deep Dive Strategies despite representing they would be invested in publicly traded securities, and pled guilty to wire fraud.
Barred from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization
Settled; admitted the findingsFraud and misappropriationOfficial release
- 34-105345
Rimar Capital USA, Inc.
According to the Commission's order, Rimar USA violated Securities Act Section 17(a) and Exchange Act Section 10(b) and Rule 10b-5 through fraudulent conduct in an offering of SAFEs.
Cease-and-desist order
Outcome in the releaseFraud and misappropriationOfficial release
- 34-105345
Rimar Capital, LLC
According to the Commission's order, Rimar LLC willfully violated Advisers Act Sections 206(1) and 206(2) by making false and misleading statements about its platform, assets under management and performance.
Cease-and-desist order
Outcome in the releaseFraud and misappropriationOfficial release
- 34-105345
Itai Royi Liptz
According to the Commission's order, Liptz willfully violated Securities Act Section 17(a), Exchange Act Section 10(b) and Rule 10b-5, and Advisers Act Sections 206(1) and 206(2), and improperly used some SAFE proceeds for personal purposes.
Disgorgement; civil money penalty; cease-and-desist order
Outcome in the releaseFraud and misappropriationOfficial release
- 34-105345
Clifford Todd Boro
According to the Commission's order, Boro violated Securities Act Sections 17(a)(2) and 17(a)(3) by helping raise SAFE investment funds for Rimar LLC through misrepresentations.
Civil money penalty; cease-and-desist order
Outcome in the releaseFraud and misappropriationOfficial release
- IA-6960
Terrence Chalk
According to the SEC's order, Chalk consented to findings that he acted as an investment adviser and orchestrated a Ponzi-like offering fraud involving the "Chairman's Fund", and was barred under Section 203(f) of the Advisers Act.
Barred from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or NRSRO
SettledFraud and misappropriationOfficial release
- 34-105174
Danny M. Salinas
According to the SEC's order, Salinas, a salesperson for unregistered CHS, falsely represented to investors that funds were invested and guaranteed, and was enjoined by a consent judgment in related civil action.
Barred from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or NRSRO
Settled without admitting or denyingFraud and misappropriationOfficial release
- 34-105174
Mai T. Nguyen
According to the SEC's order, Nguyen, a salesperson for unregistered CHS, falsely represented to investors that funds were invested and guaranteed, and was enjoined by a consent judgment in related civil action.
Barred from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or NRSRO
Settled without admitting or denyingFraud and misappropriationOfficial release
- IA-6956
Bernardo Mendia-Alcaraz
According to the SEC's order, a December 16, 2025 final judgment permanently enjoined him from Securities Act, Exchange Act and Advisers Act antifraud violations, and the Commission instituted proceedings under Section 203(f) to determine whether the allegations are true and what remedial action is appropriate.
Outcome in the releaseFraud and misappropriationOfficial release
- 34-104652
David Hudzik
According to the SEC's order, the Commission's complaint alleged Hudzik falsely told investors he would receive commissions only on profits after they sold shares, though he received 20 to 30 percent within days.
Barred from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent or NRSRO, with right to apply for reentry after five years
Settled without admitting or denyingFraud and misappropriationOfficial 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.