SEC Sues Fund Adviser for Fees Charged in Breach of Duty Under the Investment Company Act (SEC Press Release)

The SEC today sued AMMB Consultant Sendirian Berhad (AMC), a Malaysian investment adviser, alleging that for more than a decade, AMC charged a U.S. registered fund for advisory services that AMC did not provide. The SEC alleges that by doing so, AMC breached its fiduciary duty with respect to compensation under the Investment Company Act of 1940.

View press release in full here (links externally to SEC website).