SEC charges RIA with making false statements about its finances

The Securities and Exchange Commission has charged Lindner Capital Advisors, a registered investment adviser in Marietta, Georgia, and its founder and principal, Robert J. Lindner, with making false statements about the firm’s financial condition in a report filed with the SEC and for failing to properly implement compliance policies and procedures.

In a report filed in April 2019, Lindner Capital Advisors and Lindner falsely stated that the firm had no financial condition that was reasonably likely to impair its ability to meet contractual obligations to clients, according to the complaint.

But the SEC alleges that LCA was heavily leveraged and increasingly unable to meet its basic operating expenses when it filed the report. The complaint also alleges that from August 2018 to December 2019, LCA and Lindner failed to implement and enforce policies and procedures that the firm had adopted in response to an earlier letter from the SEC outlining compliance deficiencies.

The SEC’s complaint seeks permanent injunctions from future violations of these provisions and civil monetary penalties.

The post SEC charges RIA with making false statements about its finances appeared first on InvestmentNews.

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