Shelton, Meriden funds in $125M SEC settlement
Investment advisors in Shelton and Meriden were among nearly 80 firms nationally to return $125 million to investors, following a Securities & Exchange Commission probe into whether funds made clients aware of lower-cost funds in which to place their investments.
Infinex Investments of Meriden will pay back investors nearly $1 million and Shelton-based Investmark Advisory Group $100,000, while absorbing costs of hiring an administrator to handle those transactions.
Like other firms in the SEC settlement that included some of the bigger names in the business, Infinex and Investmark did not dispute the SEC’s findings and will not pay any penalty beyond interest owed investors. The SEC is reserving the right to levy sanctions if it determines any settlement parties provided misleading information.
Alex.Soule@scni.com; 203-842-2545; @casoulman