A federal court in Massachusetts has granted partial summary judgment in favor of the Securities and Exchange Commission in its action against Navellier & Associates Inc., a Nevada-based investment advisory firm, and its founder and chief investment officer, Louis Navellier of Florida.
The SEC’s complaint alleges that the defendants breached their fiduciary duties and defrauded their clients and prospective clients through the use of marketing materials that included false and misleading statements regarding the performance of the firm’s Vireo AlphaSector investment strategies.
The court also found that the defendants continued to sell the Vireo AlphaSector investment strategies despite their knowledge that representations about the strategies were false and misleading.
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