- 2016
- $23,962
Respondent’s company Explorer Asset Management LLC, a Missouri RIA, was the investment adviser to three private funds. The SEC found that, over a 7-month period, respondent reported monthly client account balances which exceeded the funds’ values, as shown on custodial statements. This gave the false appearance that the account values were relatively stable when, in fact, they were significantly decreasing and the funds were liquidated only 2 months later.
