The SEC's New Risk Alert Just Told You What Examiners Are Writing Down About Your Fee Disclosures
TL;DR: On June 9, 2026, the SEC's Division of Examinations published a Risk Alert on economic conflicts of interest at registered investment advisers, and one day earlier the agency fined Phoenix-based Foundations...
What a Fund Administrator Does, and Why LPs Now Require One
TL;DR: A hedge fund manager named Grant Grieve invented a fake back-office administrator called Global Hedge Fund Services and used it to certify returns that didn't exist. The SEC charged him with securities fraud...
SEC's First Rule 18f-4 Enforcement: What Every ETF Investor Needs to Know
The SEC just issued its first-ever enforcement action under Rule 18f-4 — the derivatives risk management rule for investment companies. The target was Simplify Asset Management. The penalty was
RAD Diversified REIT $152M SEC Fraud: What Every Real Estate Investor Should Know
According to the SEC's litigation release filed July 29, 2026 , RAD Diversified REIT Inc. raised $152 million from more than 5,500 investors through unregistered securities offerings — then spent tens
REIT Fraud Red Flags: The 10-Point Checklist Every Investor Needs
Two REIT enforcement actions landed in July 2026 alone: the SEC charged RAD Diversified REIT on July 29 for a $152 million fraud scheme involving 5,500+ investors , and the Texas State Securities Boar
NAV Loans in Private Equity: What LPs Don't Know Can Hurt Them
According to ILPA guidance on NAV facilities , the following analysis reflects current market conditions and publicly available data. NAV Loans in Private Equity: What LPs Don't Know Can Hurt Them bod
How to Read a Private Placement Memorandum: Red Flags Before You Wire Money
TL;DR: A private placement memorandum is not reviewed, approved, or fact-checked by the SEC before it lands in your inbox. In 2025 alone, four Reg D sponsors raised a combined $489M from investors...
SEC Fraud Alert: How a Fake Form ADV Fooled Investors in 2026
18 million default judgment against AI Financial Education Foundation Ltd. for filing false Form ADV disclosures claiming $10 million in AUM, a Denver office, and a private fund that did not exist. Th
SEC Nails Unregistered Fund Adviser for Charging 23% of Capital as Fees: What Every LP Must Know
SEC Fraud: Unregistered Adviser Charged LPs 23% in Fees The SEC filed a complaint against an unregistered private fund adviser that paid itself more than $515,000 in management fees — equal to 23% of
SEC Chair Says Fraud Is Under Investigation in Private Credit: What Every LP Must Understand
SEC Investigates Private Credit Fraud: What Atkins Said SEC Chair Says Fraud Is Under Investigation in Private Credit: What Every LP Must Understand TL;DR SEC Chairman Paul Atkins confirmed at the May
SEC Probes Continuation Vehicles: What Accredited Investors in GP-Led Funds Must Know Now
TL;DR — What You Need to Know The SEC is actively investigating continuation vehicles (CVs) for conflicts of interest, valuation manipulation, and inadequate LP disclosures. This is not a future risk;
TZP Group: The Lower-Middle-Market PE Firm That Got Caught Overcharging LPs (And What It Teaches Us)
In August 2025, the SEC ordered TZP Management Associates to repay $683,877 after it overcharged fund LPs on management fees for five years. A small number relative to $2.4B in assets. A loud signal a
The $400 Million ATM Ponzi: How Daryl Heller Fooled 2,700 Investors and the Red Flags They Missed
By Jeff Barnes, MBA | Regulatory Compliance Here is the short version: the SEC charged Daryl F. Heller and his Pennsylvania companies with running a $770 million Ponzi scheme that destroyed $402 milli
SEC Private Placement Enforcement 2025: $700M+ in Fraud, Named Cases, and Red Flags
TL;DR: The SEC brought actions totaling over $700 million in alleged private placement fraud in 2025 alone. If you are putting money into a Reg D offering, here is what the enforcement record tells yo