SEC Director of Enforcement, Gurbir S. Grewal highlighted the challenge of ensuring that companies and investment firms make truthful ESG disclosures, and the tendency of some entities to exaggerate positive ESG activities or downplay negative ESG-related information.
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An investment adviser settled charges with the SEC for (i) misleading investors as to its ESG-related practices and (ii) failing to implement an AML program specific to its mutual funds business.
An investment adviser settled SEC charges for failing to supervise its screening process for ESG investments.
An automobile manufacturer entered into a plea agreement with the DOJ admitting to conspiracy to defraud the United States, wire fraud and Clean Air Act violations.
An investment adviser subsidiary of a New-York-based custodian bank settled SEC charges f or failing to (i) complete an Environmental, Social and Governance ("ESG") quality review of all investments and (ii) disclose that no review had been completed.