Securities Regulation Daily Wrap Up, FRAUD AND MANIPULATION—SEC charges six investment advisers with violating the Investment Advisers Act, (Nov 18, 2025)

By R. Jason Howard, J.D.

Misrepresentations on Form ADV and failure to respond to Commission requests for information led to the charges.

The SEC has announced charges against six purported investment advisers for allegedly making “material misrepresentations and unsubstantiated statements in forms filed with the SEC regarding their organizations, office locations, assets under management, and clients.”

The SEC’s complaints, which were filed separately in the United States District Courts for the Southern District of New York and the District of Colorado, allege that the six entities—Bluesky Eagle Capital Management Ltd., Supreme Power Capital Management Ltd., AI Financial Education Foundation Ltd., AI Investment Education Foundation Ltd., Invesco Alpha Inc., and Adamant Stone Limited—made misrepresentations in their Forms ADV filed with the SEC. Investment advisers use Form ADV to register with the SEC and state securities authorities and it requires that advisers report information about their business, ownership, and other information.

The complaints assert that each of the ADV filings made by Bluesky Eagle, Supreme Power, AI Financial, and Adamant Stone on various dates in 2023 and 2024 claimed that they manage $10 million in assets in the United States while Invesco Alpha claimed to manage $5 million in assets, and AI Investment claimed to manage $1 million. Each of the entities claimed to advise a private fund and that a “separate registered investment adviser reported information about those private funds on its own Form ADV.”

The complaints also allege that Bluesky Eagle and Supreme Power claimed to be public companies operating out of New York City office space, but the Commission’s public company database does not show any information on either entity. AI Financial, AI Investment, Invesco Alpha, and Adamant Stone claimed to operate out of office space in Denver, Colorado, however, current business residents in the New York and Colorado office spaces have no knowledge of the entities or their purported management personnel claiming to operate there. In addition, the other alleged adviser “has not reported information about the purported private funds.”

Record requests from the Commission went unanswered by all six entities concerning the information in their Forms ADV, including the amount of assets under management in the United States.

Relief sought. The complaints seek to permanently restrain and enjoin the entities from committing further violations, the imposition of civil monetary penalties, and any other relief the courts deem just and proper.

Attorneys: David H. London for the SEC.

Companies: Bluesky Eagle Capital Management Ltd.; Supreme Power Capital Management Ltd.; AI Financial Education Foundation Ltd.; AI Investment Education Foundation Ltd.; Invesco Alpha Inc.; Adamant Stone Limited.

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