SEC Settles Charges Against Sapere Wealth Management and Scott Trease for Unsuitable Investment Recommendations

The Securities and Exchange Commission has announced that Sapere Wealth Management, LLC and Scott Trease, the principal of Sapere Wealth Management, LLC, have settled charges relating to unsuitably suggesting risky investments for three clients. The SEC claims that Trease became friends with a financier who identified alternative investment opportunities to Sapere and Trease in 2017. Sapere and Trease advised three clients to invest $7.3 in two alternative investment they thought were collateralized with gold, despite the red flags. One client lost $2.3M, and $5M was at risk with the other investment. Sapere Trease agreed to a settlement which included a permanent injunction and a five-year-injunction to require due diligence consultants. Trease also paid a civil penalty of $100,000 and committed to providing the SEC complaint and final judgement to their clients. The settlement is still subject to approval by the court. Joshua Hess conducted the SEC investigation, which was supervised by Matthew F. McNamara and Justin C. Jeffries. With assistance from Australian Securities and Investments Commission.

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Securities and Exchange Commission, or SEC for short, is an American regulatory agency that protects and supervises the US securities industry. The SEC’s primary responsibilities are to enforce federal securities laws, regulate the securities markets and ensure fair and transparent practices from companies that issue securities.

The SEC, established in 1934 as a response to the 1929 stock market crash that led to the Great Depression and its aftermath, was formed in response. The SEC’s primary aim is to maintain trust in the financial markets, and to facilitate capital formation for investors by creating fair and level playing fields.

The SEC can require that companies disclose information to investors about their financial status, operations and risks. It can also investigate and take legal actions against individuals or companies that violate securities law, commit fraud, or manipulate markets.

As well as its regulatory role, SEC oversees self-regulatory organisations such as stock exchanges. securities brokers and investment advisors. It establishes rules and standards to ensure compliance with the securities laws and protect investor’s interests.

The SEC is a vital player in the U.S. capital markets. It promotes investor confidence and fosters fairness and efficiency.

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