Failure to Verify Subadvisers Performance Claims Leads to $16.5 Million Settlement

It doesnt matter if the data came from your subadviser - if it raises red flags, you still have to check it out. Virtus Investment Advisers, a Hartford, CT-based adviser, on November 16 agreed to pay $16.5 million as part of a settlement with the SEC over its alleged use of false historical performance data when advertising its funds. The performance data it used came from its subadviser.
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