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Investment firm fined $100,000 over pay-to-play violation

January 5, 2019

CLEVELAND (AP) — The Securities and Exchange Commission is fining a Cleveland investment firm $100,000 over recent campaign contributions that federal officials say violated pay-to-play rules.

The SEC identified $46,408 in campaign contributions a company official with Ancora Advisers made between 2013 and 2017: $24,200 given to Republican Gov. John Kasich (KAY’-sik), $5,000 given to state Treasurer Josh Mandel (man-DEHL’) and $15,208 given in 2017 to an unnamed candidate for governor. Cleveland.com reports Ancora CEO Fred DiSanto donated to then-U.S. Rep. Jim Renacci’s (reh-NAY’-seez) gubernatorial campaign.

The violations were deemed illegal because Ancora performed work for a public university and public pension system within two years of making the contributions.

Ancora officials say the violations were inadvertent and that additional training requirements have been imposed to guard against any future issues with compliance.

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