SEC Sues 38 Entities for Allegedly Filing False Investment Adviser Filings

The U.S. Securities and Exchange Commission (SEC) has filed lawsuits against 38 entities for allegedly submitting false Form ADV filings between 2025 and 2026 to present themselves as legitimate investment advisers.

The SEC alleges that these entities, which targeted retail investors nationwide, used fake Colorado business addresses, disconnected phone numbers, and auditors absent from public registries to appear legitimate.

Six of the defendants have names referencing crypto, exchanges, emerging technology, or financial education, but the SEC does not characterize all 38 entities as cryptocurrency-related businesses.