Navellier & Associates Inc. is confronting a skeptical federal appeals court as the investment firm tries to unwind an order finding it misled investors about the performance track record of an investment strategy.
NAI was ordered to return almost $23 million in a lawsuit brought by the Securities and Exchange Commission. The SEC alleges the firm recommended the licensed strategy to clients, knowing the performance history couldn’t be verified.
Later, amid concerns about its own liability, the firm sold the client accounts, never telling clients the truth, the SEC says.
Judges at the US Court of Appeals for the First ...
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