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Rating:SEC Accuses a Small Fund Firm of Misleading Advertising Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, January 30, 2014

SEC Accuses a Small Fund Firm of Misleading Advertising

Reported by Neil Anderson, Managing Editor

A small mutual fund shop is under fire for what the SEC is describing as misleading advertising.

Today the regulatory agency unveiled charges against Wappinger Falls, New York-based Navigator Money Management and its president, Mark Grimaldi (who is also majority owner and chief compliance officer) for information included in the shop's The Money Navigator newsletter and elsewhere. The SEC also revealed a settlement with Grimaldi and NMM under which Grimaldi will pay $100,000 and the firm will have to do things like hire an independent compliance consultant for three years.

MFWire could not immediately reach Grimaldi himself for comment on the charges or the settlement.

"Grimaldi and his firm are being held accountable for using social media and widely disseminated newsletters to cherry-pick information and make misleading claims about their success in an effort to attract more business," states Sanjay Wadhwa, senior associate director of enforcement for the SEC's New York regional office. 

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