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Firm cited for Marketing Rule violations after using athlete endorsements

Crowd at UFC event
Many companies tap into sport’s huge pulling power. Photo: Tom Jenkins

Julie DiMauro

2 min read
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Investment adviser failed to mention endorsements from high-profile sports stars were paid for.

A registered investment adviser based in New York has settled charges with the SEC relating to the use of endorsements from professional athletes in its advertising. It agreed to pay a civil penalty of $250,000.

The SEC alleges that Wahed Invest, Inc used advertisements across social media and its own website

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