Compliance February 24, 2025

SEC Announces Unit to Protect Investors From Crypto, AI Scams

The Cyber and Emerging Technologies Unit will be led by Laura D’Allaird, who was co-chief of the predecessor Crypto Assets and Cyber Unit.
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The Securities and Exchange Commission announced Thursday the establishment of the Cyber and Emerging Technologies Unit, which will seek “to protect retail investors from cryptocurrency scams and other bad actors in the emerging technologies space.”

The unit will be led by Laura D’Allaird, who was co-chief of the Crypto Assets and Cyber Unit, which is being replaced by the CETU, comprised of 30 fraud specialists and attorneys across multiple SEC offices.

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“The unit will not only protect investors but will also facilitate capital formation and market efficiency by clearing the way for innovation to grow. It will root out those seeking to misuse innovation to harm investors and diminish confidence in new technologies,” said Commissioner Mark Uyeda, acting chairman of the SEC, in a statement.

According to the SEC, the CETU will investigate fraud using emerging technologies such as artificial intelligence and machine learning. Its focus areas include fraud involving blockchain technology and cryptocurrency assets; the use of social media and false website to perpetrate fraud; hacking to obtain material nonpublic information; and public issuer fraudulent disclosure related to cybersecurity.

According to Chainalysis, a cryptocurrency research firm, in 2024, an estimated $40.9 billion in crypto assets were received by illicit addresses or crypto accounts tied to scammers, illicit actors and other entities. This figure was $11 billion in 2020 and reached a high of $54.3 billion in 2022.

Technology services firm ACA Global earlier this month warned in a report that hackers are increasingly using artificial intelligence to impersonate executives and other employees at financial services firms in order to get sensitive company information,

Deals & People February 24, 2025

Advisory M&A News – 2/24/25

Marsh McLennan’s Mercer to acquire SECOR Asset Management; Creative Planning acquires Maxwell Wealth Strategies.

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Marsh McLennan’s Mercer to Acquire SECOR Asset Management

Mercer, a business of Marsh McLennan, announced an agreement to acquire SECOR Asset Management L.P., a provider of portfolio solutions.

Founded in 2010 by a group of partners that included Tony Kao and Ray Iwanowski, SECOR serves institutional investors, including pension funds, insurance companies, endowments and family offices. The firm offers end-to-end portfolio solutions, including investment advisory and implementation, fiduciary management and asset liability management.

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SECOR has $13.8 billion in assets under advisement and $21.5 billion in assets under management, as of September 30, 2024.

“SECOR’s exceptional team is highly regarded in the industry for their extensive experience working with in-house investment teams and proven expertise in specialized investment implementation,” said Michael Dempsey, Mercer’s wealth president, in a statement.

Creative Planning Acquires Maxwell Wealth Strategies

Creative Planning announced the acquisition of Pleasanton, California-based Maxwell Wealth Strategies, which has been partnering with clients seeking financial planning guidance since 2015. The deal was finalized on January 17.

Managing more than $290 million in assets as of December 2024, Maxwell Wealth Strategies offers financial advisory services and wealth management. The team specializes in creating customized strategies that encompass investment management, financial planning and risk mitigation.

“This acquisition marks the beginning of a transformative year ahead focused on expanding our reach and enhancing our commitment to exceptional client service,” said Peter Mallouk, Creative Planning’s CEO, in a statement. “The Maxwell Wealth Strategies team has established themselves as trusted advisors through their dedication to client success.”

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