Old Ironsides Energy, a Boston, Mass.-based registered investment adviser, has agreed to pay a $1 million penalty to settle charges relating to its marketing of a private fund between March 2014 and April 2015.
The Old Ironsides Energy Fund received more than $1.3 billion in commitments, the SEC said in an administrative proceeding announcement, after the firm distributed misleading marketing materials relating to the fund’s historical performance for managing direct drilling investments.
The SEC found that the marketing materials indicated that Old Ironsides directly managed the investment, when it was actually an investment in a private fund advised by a third party. By including the private fund's performance, Old Ironsides misleadingly improved its "track record" for these types of investments, the SEC said.
A $141M judgment and a federal asset freeze collide over one shrinking pool
The firm's CFO and EVP of Wealth Management Solutions are the latest executives to exit the broker-dealer.
Clients are saying they would consider switching advisors if another professional offered estate planning services, according to a new Trust & Will survey.
CEO Laurel Taylor says the fintech's composable AI stack helps workers optimize dollars across Trump Accounts, 529s, 401(k)s, and other employee benefits.
The bank has swiped three private banking veterans from BNY as the city climbs the ranks of America's fastest-growing wealth hubs.
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
