Bluesky Eagle Ordered to Pay $1 Million in SEC Adviser Action

An investment advisory firm that the SEC sued for falsely claiming to be a public company, inflating its assets under management, and misrepresenting its business location was ordered to pay a $1.1 million civil penalty.

Judge Arun Subramanian in the US District Court for the Southern District of New York handed down the default judgment Wednesday against Bluesky Eagle Capital Management Ltd., one of six companies hit with similar charges in separate cases by the Securities and Exchange Commission last November.

Each suit accused the advisory firms of making misleading disclosures about where they were headquartered and how much money ...