SEC结案：投资顾问Stuart Frost被指隐瞒收取逾1400万美元费用，法院判处15万美元民事罚款
2026年3月24日，美国证券交易委员会（SEC）宣布，加利福尼亚州中区联邦地区法院已于3月10日对投资顾问 Stuart Frost 作出最终同意判决，为这桩打了近七年的执法诉讼画上句号：Frost 被永久禁止违反《1940年投资顾问法》的反欺诈条款，并被责令支付150,000美元民事罚款。
SEC 在2019年8月13日提起的诉状指控，2012年至2016年间，Frost 向他担任顾问的五只私募风险投资基金所投资的初创公司收取未披露且过高的「孵化费」，违反他对客户负有的受托义务，骗取五只基金及其投资者逾1,400万美元。需要分清的是，1,400多万美元是诉状所指的涉案收费额，本次判决的民事罚款为15万美元。
最终判决永久禁止 Frost 违反《投资顾问法》第206(1)、206(2)、206(4)条及据此制定的规则206(4)-8。SEC 此案由其洛杉矶地区办公室的 Donald Searles 与 Charles Canter 承办，Stephen Kam 督导。
关联：SEC与Rainberry拟以1000万美元和解洗售交易指控，对孙宇晨等其余指控全部撤销
SEC Closes Case Against Investment Adviser Stuart Frost Over More Than $14 Million in Undisclosed Fees With a $150,000 Civil Penalty
On March 24, 2026, the U.S. Securities and Exchange Commission (SEC) announced that the U.S. District Court for the Central District of California had entered a final consent judgment against investment adviser Stuart Frost on March 10, closing an enforcement case litigated for nearly seven years: Frost was permanently enjoined from violating the antifraud provisions of the Investment Advisers Act of 1940 and ordered to pay a $150,000 civil penalty.
The SEC's complaint, filed on August 13, 2019, alleged that from 2012 through 2016, Frost defrauded five private venture capital funds and the funds' investors of over $14 million by charging undisclosed and excessive incubator fees to start-up companies in which the funds invested, in breach of his fiduciary duties to his clients. The $14 million figure is the amount the complaint alleged he extracted in fees; the civil penalty imposed by the judgment is $150,000.
The final judgment permanently enjoins Frost from violating Sections 206(1), 206(2), and 206(4) of the Advisers Act and Rule 206(4)-8 thereunder. The SEC's litigation was handled by Donald Searles and Charles Canter and supervised by Stephen Kam, all of the SEC's Los Angeles Regional Office.
来源：美国证券交易委员会
发布：GSM·美国（发布链接）
图片来源：图：位于美国华盛顿的美国证券交易委员会总部大楼正门玻璃幕墙（资料照片），石柱上刻有该机构英文全称。AgnosticPreachersKid 摄，CC BY-SA 3.0，经 Wikimedia Commons；联邦固定图库。 / Photo: The glass facade of the U.S. Securities and Exchange Commission headquarters in Washington, D.C. (file photo), with the agency's name engraved on the stone pillars. Photo by AgnosticPreachersKid, CC BY-SA 3.0, via Wikimedia Commons; federal fixed image library.
GSM Global · 本篇英文版 English edition of this story
