SEC Charges 38 Entities for Falsifying ADV Filings to Pose as Investment Advisers

The U.S. Securities and Exchange Commission (SEC) has filed civil lawsuits against 38 entities for making material misrepresentations in Form ADV filings between 2025 and 2026. These entities, which include crypto-related firms such as CryptoOrbit, Ftaexchange, Pinnacle Crypto Exchange, Quantum Financial Institute, and RBH Infinity Exchange, allegedly posed as legitimate investment advisers to attract retail investors. The SEC has removed their ERA filings from its website and is seeking permanent injunctions and civil penalties.