SEC fines four in pay-to-play enforcement sweep

Four investment advisers were fined between $45,000 and $95,000 by the Securities and Exchange Commission (SEC) for violating the agency’s pay-to-play rule.

Canaan Management, of Connecticut, and Highland Capital Partners, of Massachusetts, were each fined $95,000 for continuing to receive advisory fees from government entities following campaign contributions made by associates to elected officials or candidates for elected office, the SEC said Thursday in an administrative proceeding.

StarVest Management, of New York, was fined $70,000, while Asset Management Group of Bank of Hawaii was fined $45,000 for similar violations.