The Securities and Exchange Commission’s Asset Management Unit charged David Dube and his firm, Peak Wealth Opportunities, on Friday with failing to provide SEC examiners with records of a mutual fund advisory business that invested in NASCAR-related stocks.
The SEC examiners sought records from Dube and his Florida-based wealth management firm while examining a mutual fund they advised called the Stock Car Stock Index Fund. Despite repeated requests, the SEC says that Dube and Peak Wealth failed to furnish certain records to the SEC.
“After promising multiple times to provide the requested records, Dube failed to live up to his regulatory obligations and turn over the records,” said Bruce Karpati, chief of the Enforcement Division’s Asset Management Unit, in a statement. “When financial professionals fail to cooperate with SEC exams, they force the agency to expend greater resources to pursue investigations.”
According to an SEC order initiating administrative proceedings, Peak Wealth was the advisor to the Stock Car Stock Index fund from 2008 to June 2010. SEC examination staff requested records from Peak Wealth and Dube in 2010 while examining Peak Wealth’s advisory business and the operations of the fund.