Effective dates and duration were specified in the U.S. Securities and Exchange Commission’s Litigation Release No. 26485, published February 19, 2026:
On February 10, the U.S. District Court for the District of Massachusetts entered a final judgment against Massachusetts-based investment adviser Jeffrey Cutter and his advisory firm, according to a U.S. Securities and Exchange Commission litigation release (No. 26485) published February 19.
Cutter Financial Group LLC was ordered to pay civil penalties: $50,000 for Cutter and $100,000 for the firm. The court also imposed a five-year requirement that Cutter and the firm provide a copy of the ruling to all existing investment advisory clients and all new investment advisory clients, alongside a five-year injunction against future violations of Section 206(2) of the Investment Advisers Act of 1940.
The SEC said the judgment followed a jury verdict on April 23, 2025, after a seven-day trial, in which the jury found Cutter and the firm liable for violating Section 206(2) of the Advisers Act, while finding for the defendants on the SEC’s claims under Sections 206(1) and 206(4) of the Advisers Act and Rule 206(4)-7. The SEC’s allegations included that Cutter and the firm sold fixed index annuities to advisory clients without adequate disclosure of their financial incentive to recommend such products over other investment options.
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