SEC gives Navellier's firm 60 days to wind down, bars founder

The SEC gave Navellier & Associates 60 days to wind down and barred founder Louis Navellier from the securities industry. 

In a September 21, 2026 opinion granting the enforcement division's motion for summary disposition, the commission barred Navellier from associating with any investment advisor, broker, dealer, municipal securities dealer, municipal advisor, transfer agent or nationally recognized statistical rating organization. The firm's advisor registration was revoked effective 60 days from the order. 

In February 2020, a federal court in Massachusetts granted the SEC summary judgment on claims that Navellier and the firm violated the Advisers Act's antifraud provisions. The First Circuit affirmed in 2024, and the US Supreme Court denied review in 2025. The commission held those findings could not be relitigated and that no hearing was needed. 

Anyone licensing an outside strategy should read the courts' findings. In 2009, the firm licensed AlphaSector from another advisor for its "Vireo AlphaSector" products. From August 2011 into 2012, its marketing said the strategy had been traded since 2001 and that its returns "were not back-tested." The strategy was created in 2008. 

The licensor offered a spreadsheet, not trade confirmations. By April 2011, Navellier was concerned he could not verify the strategy's past performance, writing that "[a]ny idiot can make up numbers on a spreadsheet!" Later emails said he "continue[d] to believe" the strategy was "just made up and pure FRAUD." Sales continued, and the business was sold without clients being told why. The First Circuit found "a high degree of recklessness." 

SEC staff had earlier sent the firm three letters warning about its disclosure of back-tested results on other products. The commission treated them only as proof of prior warnings, not of earlier misconduct. 

The court case had already brought civil penalties of $2,000,000 for the firm and $500,000 for Navellier, plus approximately $22.7 million in disgorgement of profits and approximately $6.6 million in prejudgment interest, owed jointly and severally. 

Claims that clients profited, that sanctions would hurt employees and clients, and that they had gone over 35 years without being disciplined or sued did not sway the commission, which noted that "this very proceeding stems from Respondents' defrauding their advisory clients." It also rejected constitutional and selective-enforcement challenges. 

Citing current client relationships and the time elapsed, the commission allowed a 60-day wind-down. 

During the wind-down, the firm may not solicit new clients, and Navellier may stay only to close the business, with no soliciting new clients and no advice to clients or prospective clients. No extensions will be considered.