SEC v. Mortgage Industry Advisory Corporation (2023)

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 September 2023 the SEC settled with Mortgage Industry Advisory Corporation, a registered investment adviser, for failing for years to adopt written compliance policies, run annual reviews or maintain a code of ethics. It paid a $100,000 civil penalty. No insider trading is alleged.

The record

Structured fields for this action, as recorded in our case library.
Agency	SEC
Release number	IA-6413
Date filed	2023-09-11
Date resolved	2023-09-11
Status	settled
Criminal parallel	No
Defendants	Mortgage Industry Advisory Corporation (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: $100k
Disgorgement: —
Prejudgment interest: —
Total relief: $100k
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 issued the order on September 11, 2023.

The order finds MIAC violated Sections 204A and 206(4) of the Advisers Act and related rules, and did not fix deficiencies flagged in an exam in 2006 until after another exam in 2021. Its employee handbook described insider trading generally but did not set out the required procedures.

That passing description of insider trading triggered the earlier tag; it has been removed.

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

2023-09-11 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.