SEC Charges 38 Entities Over False Form ADV Filings Used to Mislead Retail Investors

The U.S. Securities and Exchange Commission (SEC) has announced enforcement actions against 38 entities, alleging they submitted fraudulent regulatory filings to fabricate legitimacy and attract retail investors in the United States. According to the Commission, the entities made material misrepresentations in Forms ADV submitted between 2025 and 2026. The SEC alleges that these false filings were deliberately used to create an illusion of compliance and regulatory standing, improperly portraying the entities as legitimate investment advisory firms. Form ADV is the primary registration and reporting document used by investment advisers to register with both the SEC and state regulatory authorities. The SEC's action targets the misuse of official regulatory reporting mechanisms designed to inform and protect the investing public.