[U.S. Securities and Exchange Commission Charges 38 Entities with False Filings, Files Lawsuit] The U.S. Securities and Exchange Commission (SEC) has charged 38 entities with making significant false statements on Form ADV during the period from 2025 to 2026, attempting to present themselves as legitimate advisory firms catering to U.S. investors. According to the SEC, some of these entities are based overseas, using foreign IP addresses to access the filing system, and providing false office addresses, invalid phone numbers, unverifiable ownership, and fund audit information in their documents. Some websites displayed fake registration certificates. The SEC has filed a lawsuit in the U.S. District Court for the District of Colorado, seeking permanent injunctions, prohibitions on their ability to submit exempt reporting adviser filings, and civil penalties. Additionally, the SEC has removed the related filings of these 38 entities from its official website.