Skip to main content    

Company Filings

U.S. Securities and Exchange Commission

                        -  About                            -  Careers 
                          -  Commissioners 
                          -  Contact 
                          -  Reports and Publications 
                          -  Securities Laws 
                          -  Mission 
                          -  Commission Votes 
                        -  Divisions & Offices                            -  Corporation Finance 
                          -  Enforcement 
                          -  Investment Management 
                          -  Economic and Risk Analysis 
                          -  Trading and Markets 
                          -  Office of Administrative Law Judges 
                          -  Examinations 
                        -  Enforcement                            -  Litigation Releases 
                          -  Administrative Proceedings 
                          -  Opinions and Adjudicatory Orders 
                          -  Accounting and Auditing 
                          -  Trading Suspensions 
                          -  How Investigations Work 
                          -  Receiverships 
                          -  Information for Harmed Investors 
                        -  Regulation                            -  Rulemaking Activity 
                          -  Proposed Rules 
                          -  Final Rules 
                          -  Interim Final Temporary Rules 
                          -  Other Orders and Notices 
                          -  Self-Regulatory Organizations 
                          -  Staff Interpretations 
                        -  Education                            -  Investor Education 
                          -  Glossaries 
                          -  Small Business Capital Raising 
                        -  Filings                            -  EDGAR – Search & Access 
                          -  EDGAR – Information for Filers 
                          -  Company Filing Search 
                          -  How to Search EDGAR 
                          -  Forms List 
                          -  About EDGAR 
                        -  News                            -  Press Releases 
                          -  Speeches and Statements 
                          -  Securities Topics 
                          -  Upcoming Events 
                          -  Webcasts 
                          -  SEC Videos 
                          -  Media Gallery 

                -  U.S. Securities and Exchange Commission                    -  Divisions & Offices 
                  -  Enforcement 
                  -  Regulation 
                  -  Education 
                  -  Filings 
                  -  Newsroom 
                -  Newsroom                    -  Press Releases 
                  -  Testimony 
                -  RSS Feeds                    -  Press Releases 
                  -  Public Statements 
                  -  Speeches 
                  -  Testimony 

## Enforcement

-  Enforcement 
-  About 
-  Enforcement Manual 
-  Public Alerts 
-  Federal Court Actions 
-  Administrative Proceedings 
-  ALJ Orders 
-  ALJ Decisions 
-  Commission Opinions 
-  Trading Suspensions 
-  Information for Harmed Investors 
-  Enforcement Cooperation Program 
-  Foreign Corrupt Practices Act (FCPA) 
-  Tips & Complaints 
-  Data Delivery Standards 
-  Divisions and Offices 

## Enforcement

-  Enforcement 
-  About 
-  Enforcement Manual 
-  Public Alerts 
-  Federal Court Actions 
-  Administrative Proceedings 
-  ALJ Orders 
-  ALJ Decisions 
-  Commission Opinions 
-  Trading Suspensions 
-  Information for Harmed Investors 
-  Enforcement Cooperation Program 
-  Foreign Corrupt Practices Act (FCPA) 
-  Tips & Complaints 
-  Data Delivery Standards 
-  Divisions and Offices 

# Other

# In the Matter of Institutional Investors Advisory Company Admin. Proc. File No. 3-18114

                            Oct. 14, 2022                       

On August 16, 2017, the Commission instituted and simultaneously settled cease-and-desist proceedings (the “Order”) against Institutional Investors Advisory Company (“Respondent). In the Order, the Commission found that, from at least January 2011 to April 2014, the Respondent, an investment fund, breached its fiduciary duty and failed to make adequate disclosures regarding the distribution of investor profits and its conflict of interest regarding a portion of its advisory fees. The Commission ordered the Respondent to pay a total of $843,187.00 in disgorgement, prejudgment interest, and a civil money penalty. The Commission also created a Fair Fund, pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, as amended, so the penalty, along with the disgorgement and prejudgment interest, collected can be distributed to those harmed by the Respondent’s misconduct (the “Fair Fund”). As part of its settlement, the Respondent also agreed to pay an additional $1,415,286.00 into the Fair Fund, for a total of $2,258,473.00.

The Order further provides that after receipt of the Respondent’s final payment, the Commission will distribute the Fair Fund to the 107 clients, described as Clients 1 through 107 in Exhibit 1 attached to the Order. Distribution payments will be made in the amounts set forth in Exhibit 1, which represents the dollar amount by which each client was affected by the conduct described in the Order. Taxes, if any, and related administrative expenses will be paid from the Fair Fund. See the Commission’s order: Release No. IA-4747. 

On September 14, 2017, the Commission issued an order that appointed Miller Kaplan Arase LLP as the Tax Administrator to fulfill the tax obligations of the Fair Fund. 

The Respondent is making payments into the Fair Fund, in accordance with the payment plan detailed in the Order. The final payment is due on or before August 15, 2018.

For more information, please contact the Commission:

Office of DistributionsEmail: ENFOfficeofDistributions@sec.gov

SOCIAL MEDIA1Twitter 2Facebook2Instagram3RSS4YouTube6LinkedIn8Email Updates

## About The SEC

-  Budget & Performance 
-  Careers 
-  Commission Votes 
-  Contact 
-  Contracts 
-  Data Resources 

## Transparency

-  Accessibility & Disability 
-  FOIA 
-  Inspector General 
-  No FEAR Act & EEO Data 
-  Ombuds 
-  Whistleblower Protection 

## Websites

-  Investor.gov 
-  Related Sites 
-  USA.gov 

## Site Information

-  Plain Writing 
-  Privacy & Security 
-  Site Map 

**Return to Top