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
- 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
- 34-105299
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
- 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
- 33-11413, 34-105172, IA-6957, IC-36079
Vestech Partners LLC
According to the SEC's order, the firm improperly assured venture fund investors their investments were "low risk, high return" by touting co-investments that had not occurred, and overstated performance.
Censure; cease-and-desist
Settled without admitting or denyingMarketing and disclosuresOfficial release
- 33-11413, 34-105172, IA-6957, IC-36079
Marita Partners LLC
According to the SEC's order, the firm misled venture fund investors about co-investments and its own performance, and omitted negative information about portfolio companies.
Censure; cease-and-desist
Settled without admitting or denyingMarketing and disclosuresOfficial release
- 33-11413, 34-105172, IA-6957, IC-36079
Riadh Fakhoury
According to the SEC's order, he and his advisory entities made false and misleading statements to venture fund investors and negligently failed to disclose conflicts of interest.
$600,000 penalty
Associational bar; prohibition under Investment Company Act; cease-and-desist
Settled without admitting or denyingMarketing and disclosuresOfficial 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
- 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
- 34-104683
Erick M. Ruiz
According to the SEC's order, Ruiz acted as an unregistered broker while selling about $2.5 million of MJ Capital Merchant Cash Advance securities to about 240 investors, and a related consent judgment permanently enjoins him from Securities Act and Exchange Act Section 15(a)(1) violations.
Barred from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent or NRSRO, with right to reapply after 3 years; barred from participating in any penny stock offering, with right to reapply after 3 years
Settled without admitting or denyingRegistration and reportingOfficial 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
- IA-6941
FamilyWealth Advisers, LLC
According to the SEC's order, the adviser required retail clients to sign advisory agreements with hedge clause language that misleadingly described its unwaivable fiduciary duty, and the agreements lacked the required no-assignment-without-consent provision and custody verification, with policies not implemented.
$85,000 penalty
Cease-and-desist order
Settled without admitting or denyingMarketing and disclosuresOfficial release
- IA-6941
FamilyWealth Asset Management, LLC
According to the SEC's order, the adviser required retail clients to sign advisory agreements with hedge clause language that misleadingly described its unwaivable fiduciary duty, and the agreements lacked the required no-assignment-without-consent provision and custody verification, with policies not implemented.
$65,000 penalty
Cease-and-desist order
Settled without admitting or denyingMarketing and disclosuresOfficial release
- 34-104627
Leonela M. Duarte
According to the SEC's order, Duarte acted as an unregistered broker and sold unregistered Merchant Cash Advance Agreements issued by MJ Capital, raising at least $1.8 million from about 90 investors; she consented to a judgment in the related civil action.
Barred from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or NRSRO; barred from participating in any offering of a penny stock
Settled without admitting or denyingRegistration and reportingOfficial 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.