Investment Fund Law Blog
Written by: Jessica M. Brown
The Securities and Exchange Commission charged a registered investment adviser and its principal for making false claims over social media regarding their inflated performance claims with respect to a mutual fund managed by the adviser. Through a Twitter account and a widely circulated newsletter, Mark A. Grimaldi and Navigator Money Management (NMM), made various false statements in order to solicit more business. Grimaldi will pay a $100,000 penalty and, along with NMM, agree to be censured, obtain an independent compliance consultant and cease and desist from committing future violations.
A full text of the SEC press release is available HERE and the SEC order is available HERE.