Tsk, Tsk, SEC Says in $100,000 Fine
WASHINGTON (CN) - An Upstate New York financial adviser will pay $100,000 to settle charges of making false claims about his business on Twitter and in newsletters, the SEC said Thursday.
Mark A. Grimaldi and Navigator Money Management made false claims about the performance of the Sector Rotation Fund (NAVFX) and other securities recommendations they made, the SEC said in a statement and administrative order. "They cherry-picked highlights but ignored less favorable recommendations and other data that would have made the facts complete," the SEC said.
Grimaldi is majority owner, president and chief compliance officer of Navigator Money Management, in Wappingers Falls. He used the newsletter "The Money Navigator" to solicit clients from more than 60,000 subscribers, the SEC said.