Adviser Charged with Falsifying Its AUM

August 4, 2017

The SEC brought an enforcement action against Black Diamond Asset Management LLC, an SEC registered investment located in Calverton, New York, and Robert Wilson, its Managing Member, CCO and Chief Investment Officer, for inaccurately reporting its assets under management (AUM) on its Form ADV. The firm claimed that it held over $583 million in AUM and at least 26 discretionary accounts. The SEC found that the firm had never obtained any advisory clients, has never held any assets under management, and has never met the minimum requirements for investment adviser registration with the SEC.

Click here to access the enforcement action.