The Securities and Change Fee has accused Black Dragon Funding Administration, its CEO and a associated enterprise with failing to register as funding advisors and with violating the fee’s advertising rule by posting deceptive efficiency knowledge.
Black Dragon and CEO Louis Hernandez Jr. have agreed, with out admitting or denying the allegations and topic to court docket approval, to pay civil penalties and to be completely enjoined from violating the charged provisions of U.S. securities legal guidelines, the SEC introduced Tuesday.
The SEC’s grievance, filed the identical day, alleges that from no less than December 2021 to March 2024, Florida-based Black Dragon and Hernandez improperly didn’t register as funding advisors with the U.S. company.
The SEC additionally alleges that the defendants offered deceptive efficiency info within the agency’s advertising supplies and on its web site, and failed to keep up sure associated books and data, amongst different violations.
The civil grievance, filed in U.S. District Courtroom for the Southern District of Florida, prices Black Dragon and Hernandez with violating varied Advisers Act provisions.
Neither the agency nor Hernandez instantly responded to LinkedIn messages nor to a request for remark despatched in a kind on Black Dragon’s web site.