A federal appeals court upheld an order requiring Navellier & Associates Inc. to pay back almost $23 million in a suit brought by the Securities and Exchange Commission after allegedly misleading investors about the track record of an investment strategy.
NAI violated the Investment Advisers Act, the US Court of Appeals for the First Circuit said in a Tuesday ruling, affirming a lower court decision. The firm must disgorge $22.7 million in profits.
The SEC accused NAI of recommending a licensed strategy to clients even though it knew the performance history couldn’t be verified. When it became concerned about its ...
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