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 CSV98 actions match Clear
- 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
- 34-106519
Brian D. Yarch
According to the SEC's order, Regal charged advisory fees to about 81 accounts without providing advisory services; Yarch consented to findings under Advisers Act 206(2) without admitting or denying them, and the 2026 order lifted his CCO limitation.
Cease-and-desist; censure; limitation on chief compliance officer activity, lifted by 2026 order
Settled without admitting or denyingFees and billingOfficial 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
- 34-106504
Fifth Street Management, LLC
According to the SEC's order, Fifth Street improperly allocated rent, overhead and certain compensation expenses to its former business development clients in 2013 and 2014; the Commission later terminated the resulting Fair Fund.
Cease-and-desist order; disgorgement; prejudgment interest
Outcome in the releaseFees and billingOfficial 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
- 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
- 34-106171
R4 Capital Funding LLC
According to the SEC's order, R4 Funding provided unregistered broker services on 31 municipal bond offerings from June 2020 through December 2025, violating Section 15(a)(1).
$100,000 penalty
Cease-and-desist
Settled without admitting or denyingRegistration and reportingOfficial 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
- 34-106124
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
- 34-106046, 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-6969
Western Asset Management Company, LLC
According to the SEC's order, Western Asset failed to take reasonable steps to detect and prevent its former co-CIO's alleged cherry-picking scheme and failed reasonably to supervise him, violating Advisers Act Sections 206(2) and 206(4) and Rule 206(4)-7.
$100,000,000 penalty
Cease-and-desist order; censure; civil penalty deposited into Fair Fund for distribution to harmed investors
Settled without admitting or denyingSupervisionOfficial release
- 34-105608
Vestech Partners, LLC
According to the SEC's order, from at least 2019 to mid-2023 the respondents made materially misleading statements and omissions in unregistered offers and sales of interests in investment companies and in managing them. Penalty, disgorgement and prejudgment interest are stated jointly for all respondents.
Cease-and-desist order; remedial sanctions
Outcome in the releaseMarketing and disclosuresOfficial release
- 34-105608
Marita Partners, LLC
According to the SEC's order, from at least 2019 to mid-2023 the respondents made materially misleading statements and omissions in unregistered offers and sales of interests in investment companies and in managing them.
Cease-and-desist order; remedial sanctions
Outcome in the releaseMarketing and disclosuresOfficial release
- 34-105608
Riadh Fakhoury
According to the SEC's order, from at least 2019 to mid-2023 the respondents made materially misleading statements and omissions in unregistered offers and sales of interests in investment companies and in managing them.
Cease-and-desist order; remedial sanctions
Outcome in the releaseMarketing and disclosuresOfficial 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
- 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
- 34-105471
David H. Goldman
According to the SEC's order, Goldman acted as an unregistered broker by selling Woodbridge securities for commissions, and was never registered with or associated with a broker-dealer.
Suspended from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or NRSRO for twelve months
Settled without admitting or denyingRegistration and reportingOfficial release
- 34-105467
Nicole J. Walker
According to the SEC's order, Walker acted as an unregistered broker by selling Woodbridge securities for commissions, and she consented to a twelve-month suspension without admitting or denying the findings.
Twelve-month suspension from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or NRSRO
Settled without admitting or denyingRegistration and reportingOfficial release
- 34-105468
Brook Church-Koegel
According to the SEC's order, Church-Koegel acted as an unregistered broker by selling Woodbridge securities for commissions. He consented to the order without admitting or denying the findings, except jurisdiction and one admitted paragraph.
Twelve-month suspension from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent or NRSRO
Settled without admitting or denyingRegistration and reportingOfficial 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
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.