SEC Issues Statement on Favorable Jury Verdict against Investment Advisor and Sage Advisory Group for Misleading Customers

The SEC issued a statement indicating that it is pleased with the jury's verdict of liability against an investment advisor and his firm, Sage Advisory Group, for making materially false and misleading statements to clients regarding their accounts.

The SEC complaint, which was filed in 2010, found that the accused had lied to his customers and induced them to transfer their assets from a brokerage account, where they were charged commissions, to an advisory firm that was owned by the accused, where they were charged a substantial fee based in part on their assets under management.

See: SEC Statement; SEC Complaint (2010).