SEC fines BNY Mellon Investment Adviser $1.5m for greenwashing

According to a statement issued by the SEC, BNY Mellon Investment Adviser suggested it had embedded ESG quality reviews into all of its funds, which the federal agency found was "not always the case". As such, BNY Mellon was found to have violated two sections under the Investment Advisers Act of 1940 and numerous rules under the Investment Company Act. Alongside paying a $1.5m penalty, the firm agreed to a cease-and-desist order and a censure. The SEC said BNY Mellon "promptly undertook remedial acts and cooperated with Commission staff in its investigation". Sanjay Wadhwa, deputy di...