The U.S. Securities and Exchange Commission (SEC) instituted administrative proceedings against Lufkin Advisors LLC on Wednesday. This follows an offer of settlement from Lufkin Advisors, which the SEC has accepted. The SEC found that Lufkin Advisors engaged in fraudulent activities, including the mismanagement of crypto assets, undisclosed investments with an employer related to the spouse of the firm’s principal, and improper accounting practices. The firm also failed to monitor investment values and adhere to statutory requirements, including custody of assets, report accuracy, and maintenance of adviser records. As a result, the SEC has permanently enjoined Lufkin Advisors from future violations of multiple sections of the Advisers Act and corresponding rules, and has revoked their registration. Without admitting or denying the findings, except for the SEC’s jurisdiction and certain findings, Lufkin Advisors consents to the order.

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