IMDDA Managing Director Daniel Strachman, CDDA shares great advice on ADV filings in this timely piece.

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Two more SEC Actions

Mar 2, 2020 11:30:56 AM

WIth the recent challenges in the equities market we believe Warren Buffet's quote "Only when the tide goes out do you discover who's been swimming naked" will once again prove true. You must have your due diligence practices up to the highest level to avoid befalling the fate of those in the 2008 crisis. 

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The Securities and Exchange Commission today announced charges against a New York-based investment adviser for misleading investors about the management of risk in a mutual fund. CCA and its President and Chief Executive Officer, Jerry Szilagyi, agreed to pay a combined $10.5 million to settle the charges.  The SEC also filed a complaint in federal district court in Madison, Wisconsin, against Senior Portfolio Manager, Edward Walczak, for fraudulently misrepresenting how he would manage risk for the fund. CCA advises Mutual Funds and discloses $5.7bn in their most recent Form ADV. Convergence’s risk rating was and is High-Watch.

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