Black Diamond Asset Management LLC has allegedly committed fraud and violated other provisions of the Advisers Act, according to the Securities and Exchange Commission.

In an administrative proceeding, the SEC wrote that the company, along with Chief Investement Officer and Chief Compliance Officer Robert Wilson, has never obtained any advisory clients nor held any assets under management. In 2015, Wilson registered the company with the SEC as an investment adviser, claiming the company had more than $583.8 million in assets under management and at least 26 discretionary accounts.

Through an investigation by its Division of Enforcement, the SEC believes the company never held any assets or had any clients. As a result, the SEC instituted administrative and cease-and-desist proceedings against the company and Wilson.