The U.S. Securities and Exchange Commission (SEC) announced settlements with five registered investment advisers over charges of violating marketing rules. All five companies agreed to settle with the SEC and collectively pay fines totaling $200,000.

The five advisory firms are:

- GeaSphere LLC
- Bradesco Global Advisors Inc.
- Credicorp Capital Advisors LLC
- InSight Securities Inc.
- Monex Asset Management Inc.

The SEC's orders found that these five companies published hypothetical performance on their websites to the public without adopting and implementing policies and procedures reasonably designed to ensure that the hypothetical performance is relevant to the financial situation and investment objectives of each advertisement's expected audience, as required by the marketing rules. Bradesco, Credicorp, InSight, and Monex received reduced penalties due to corrective measures taken before being contacted by SEC staff.

According to the orders, GeaSphere also violated other regulatory requirements, including making false and misleading statements in advertisements, promoting misleading model performance, failing to substantiate the performance depicted in its advertisements, and failing to enter into written agreements with compensated persons. The orders further found that GeaSphere violated provisions regarding recordkeeping and compliance and provided misleading statements about its performance to a registered investment company client, which were included in prospectuses submitted to the Commission.

Without admitting or denying the SEC's findings, all companies agreed to enter into the orders, acknowledging that they violated the Investment Advisers Act of 1940, and were ordered to cease and desist from the charged violations and to undertake certain undertakings. GeaSphere agreed to pay a civil penalty of $100,000. Bradesco, Credicorp, InSight, and Monex agreed to pay civil penalties ranging from $20,000 to $30,000, reflecting certain corrective measures each company took before being contacted by Commission staff.

This represents the second batch of cases brought as part of ongoing targeted examinations following the SEC's charges against nine advisory firms in September 2023.