Tr?id=566623520170033&ev=PageView&noscript=1

ÍøÆØ³Ô¹Ï

Rosedale Advisory Firm Fined for Role in NCAA Player Referral Bribery Scheme

Posted on April 25th, 2025 at 2:18 PM
Rosedale Advisory Firm Fined for Role in NCAA Player Referral Bribery Scheme

From the desk of Jim Eccleston at ÍøÆØ³Ô¹Ï

The Securities and Exchange Commission (SEC) has finalized a cease-and-desist proceeding against Rosedale, a former SEC-registered investment adviser, for violations of the Investment Advisers Act of 1940. According to the SEC, Rosedale perpetrated a multi-year bribery scheme involving its making undisclosed payments to sports agents and others to steer NCAA athletes toward Rosedale’s advisory services.

From March 2015 through October 2017, Munish Sood, who owned at least 95% of Rosedale and served as its CEO and Chief Investment Officer, orchestrated payments exceeding $96,000 to influence college basketball players to retain Rosedale as their investment adviser once they turned professional. These payments were not disclosed to the athletes before they entered advisory agreements—conduct that violated Sections 206(1), 206(2), 206(4), and Rule 206(4)-3 of the Advisers Act.

Though Rosedale ultimately secured at least five former NCAA athletes as clients through this scheme, the SEC found no evidence of quantifiable harm to those clients or any unjust enrichment by the firm. Accordingly, the SEC believed that a mere fine of $97,523 was an appropriate sanction and deterrence.ÍøÆØ³Ô¹Ï LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

 

ÍøÆØ³Ô¹Ï LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

As a financial advisor with over 20 years of experience, I feel fortunate to call Jim my attorney and friend. He is a fantastic lawyer and trusted advisor. He is skilled in the matters necessary to do the job well. He uses his thoughtful approach and calm demeanor to achieve a positive outcome for the client. If you want to feel confident that nothing will be missed and that you will be represented in a highly professional manner, call Jim Eccleston.

Bill C. and Dan M.

LATEST NEWS AND ARTICLES

1783615970 Law
July 9, 2026
FINRA Suspends Former Branch Manager for Supervisory Failures Linked to Excessive Trading and Churning

A former regional branch manager at a broker-dealer has agreed to Financial Industry Regulatory Authority (FINRA) sanctions after the regulator found that he failed to supervise registered representatives who engaged in excessive trading and churning of customer accounts.

1783525964 Law
July 8, 2026
SEC Sanctions David Lerner Associates for Regulation Best Interest Violations

David Lerner Associates has agreed to settle Securities and Exchange (SEC) charges alleging violations of Regulation Best Interest (Reg BI) that resulted in unnecessary costs to retail investors, according to InvestmentNews.

1783434190 Law
July 7, 2026
Private Credit Funds Face Mounting Redemption Pressure as Investor Sentiment Shifts

A surge in investor redemption requests has intensified pressure on private credit funds, raising concerns about liquidity and long-term stability across the asset class, as reported by The Wall Street Journal.