SEC v. Cambridge Investment Research, Inc. and Cambridge Investment Research Advisors, Inc. (customer information safeguards, 2021)

Settled

✓ Checked against the primary document on October 2, 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 2021, the Securities and Exchange Commission settled an action with Cambridge Investment Research, Inc. and Cambridge Investment Research Advisors, Inc.. The order finds the two firms failed to adopt policies to protect customer information, after phishing attacks that compromised advisers' email accounts, violating Regulation S-P; the penalty is $250,000, joint and several. The release records a civil penalty of $250,000.

The record

What was ordered

Civil penalty

$250k

Disgorgement

—

Prejudgment interest

—

Total relief

$250k

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 announced this matter on August 30, 2021 as release 3-20496. The respondents named are Cambridge Investment Research, Inc. and Cambridge Investment Research Advisors, Inc. (0 individuals, 2 entities).

This library carries no technique tag on this matter. "Spoofed" is a footnote definition of a phishing email, not a trading practice.

The order finds the two firms failed to adopt policies to protect customer information, after phishing attacks that compromised advisers' email accounts, violating Regulation S-P; the penalty is $250,000, joint and several.

The relief recorded in our data is a civil monetary penalty of $250,000. Penalty and disgorgement are distinct: disgorgement returns the gain, while the penalty is punitive. We store them separately so that aggregate figures across the library are not double-counted.

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

1. 2021-08-30 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.