SEC v. MIO Partners, Inc. (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 November 2021 the SEC settled with McKinsey's investment arm MIO Partners, finding it failed from 2015 to 2020 to enforce policies preventing misuse of material nonpublic information held by McKinsey partners on its investments committee. MIO was censured and paid an $18 million penalty.

The record

Structured fields for this action, as recorded in our case library.
Agency	SEC
Release number	IA-5912
Date filed	2021-11-19
Date resolved	2021-11-19
Status	settled
Asset class	equities
Criminal parallel	No
Defendants	MIO Partners, Inc. (entity)
Cited as charged or alleged	Advisers Act s.204A ; Advisers Act s.206 (statutes and rules cited in the document; not a finding that they were violated)
Techniques

What was ordered

Civil penalty: $18m
Disgorgement: —
Prejudgment interest: —
Total relief: $18m
Alleged gain: $80m

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 November 19, 2021 under the Investment Advisers Act.

The order finds MIO allowed active McKinsey partners who held client information, and who saw MIO's own investment information, to oversee its investment decisions without policies designed for the risk of misuse. It charges the policies failure, not trading on inside information.

MIO agreed to a censure and an $18,000,000 civil penalty. The insider-trading tag was removed as a compliance-policy case.

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

2021-11-19 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.