Clifford Chance

Recent SEC Enforcement Actions Highlight Enforcement Risks for Investment Advisers

August 19, 2025

On August 15, 2025, the SEC released its latest enforcement action against a registered investment adviser. This is the eighth action against an RIA since the start of President Trump's second administration and sheds further light on the new administration's enforcement priorities for RIAs. While this is a relatively small sample size, we believe that based on these matters, it is clear that the new administration is unlikely to shy away from enforcement actions involving RIAs where the potential claims relate to investor protection and the return of ill-gotten gains.

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