In a settled matter, a registered investment adviser was charged with failing to disclose conflicts of interest regarding its personnel’s ownership interests and its investment of client assets in affiliated certain special purpose acquisition companies (“SPACs”). The respondent was also charged with failing to timely file accurate reports on Schedule 13G concerning the beneficial ownership of the common stock of a public company formed as a result of a SPAC business combination. Remedies included censure, cease-and-desist, and a civil penalty of $1.4m.
https://www.sec.gov/litigation/admin/2023/34-97622.pdf