‘Biblically responsible’ investment adviser ordered to pay $300K over misleading investors
By 
Jeff Dale2024-09-20T15:38:00
A “biblically responsible” investment adviser agreed to pay $300,000 and hire an independent compliance consultant to settle charges with the Securities and Exchange Commission (SEC) that it misled investors, along with other compliance failures.
Idaho-based Inspire Investing used a data-driven methodology to evaluate companies and purported to exclude investments in businesses that “do not align with biblical values,” the SEC said in a press release Wednesday.
Any companies involved in abortion, alcohol, cannabis, tobacco, stem cell research, gambling, human rights exploitation, in vitro fertilization, LGBTQ legislation, pornography, or state-owned enterprises were purportedly excluded from Inspire’s investment strategy, the SEC said.
Related articles
-
News BriefSEC fines cannabis hedge fund $150K for bogus AML policies, ties to Russian oligarch Abramovich
Cannabis hedge fund Navy Capital Green Management agreed to pay $150,000 to settle charges levied by the Securirties and Exchange Commission that the firm misled investors about its AML/CFT policies and allowed a sanctioned Russian oligarch to invest.
-
News BriefCannabis company dinged by SEC over ‘round-trip’ transfer to inflate year-end cash
A cannabis company agreed to pay $225,000 to settle allegations that funds were temporarily deposited into its year-end accounts for the sole purpose of inflating year-end cash, the Securities and Exchange Commission said.
-
News BriefSEC to host Nov. 7 virtual compliance seminar for investment advisers
The Securities and Exchange Commission will host a virtual national seminar on Nov. 7 targeted toward chief compliance officers at investment companies and investment advisers.
More from Regulatory Enforcement
-
PremiumAssessing the impact of the DOJ’s monitorship policy six months in
It has been nearly six months now since the Department of Justice’s (DOJ) Criminal Division released its memorandum on the selection of compliance monitors. This article provides a critical analysis of the monitorships that received early terminations, those that remain in place, and the broader compliance lessons they impart.
-
News BriefBinance’s Changpeng Zhao receives presidential pardon from Trump
The founder of crypto exchange Binance, Changpeng Zhao, received a pardon from President Donald Trump. This pardon comes almost two years after Zhao signed a plea agreement and was sentenced to a four-month prison sentence.
-
ArticleOCC drops $10M fine against former Wells Fargo risk officer fingered in “fake accounts” scandal
A former Wells Fargo risk officer previously ordered to pay $10 million by the Department of the Treasury’s Office of the Comptroller of the Currency (OCC) for her alleged role in the bank’s “fake accounts” scandal is completely off the hook, according to an OCC consent order issued Tuesday.