SEC v. Advanced Practice Advisors, LLC and Paul C. Spitzer (2021)

Settled

Checked against the primary document on October 3, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, with sampled and disputed records read a second time. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.

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In January 2021 the SEC settled with adviser Advanced Practice Advisors and its chief executive Paul Spitzer over undisclosed advising of clients by a representative's father and failures in supervision and compliance. The firm was censured and Spitzer paid a $20,000 penalty.

The record

Structured fields for this action, as recorded in our case library.
Agency	SEC
Release number	IA-5670
Date filed	2021-01-14
Date resolved	2021-01-14
Status	settled
Asset class	bonds
Criminal parallel	No
Defendants	Advanced Practice Advisors, LLC (entity) ; Paul C. Spitzer (individual)
Cited as charged or alleged	Advisers Act s.206 (statutes and rules cited in the document; not a finding that they were violated)
Techniques

What was ordered

Civil penalty: $20k
Disgorgement: —
Prejudgment interest: —
Total relief: $20k
Alleged gain: —

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

The Securities and Exchange Commission instituted and settled the proceeding on January 14, 2021 (Advisers Act release 5670).

The order finds the firm and Spitzer failed to disclose to clients that a representative's father, previously an adviser at another firm, was advising them without being associated with the firm, failed reasonably to supervise the representative, and failed to implement compliance policies. Nothing in the order concerns trading on inside information.

The firm was censured and Spitzer was ordered to pay a $20,000 civil penalty. The insider-trading tag was removed, and the two respondents, previously recorded as one entity, are now listed separately.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the release.

Timeline

2021-01-14 Administrative proceeding instituted (cease-and-desist)

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

SEC order

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Record added September 10, 2026. submit a correction.