Avatar Investment Management and CEO Ronald Fernandes were ordered to pay more than $230,000 for failing to disclose to some of its advisory clients certain fees they were being charged.

In a May 2016 complaint, the SEC alleged that Avatar and Fernandes failed to disclose that moving clients' assets into new mutual funds that it created and managed would increase their total advisory fees paid to Avatar without changing the clients' investment strategy.

Momentum Investment Partners LLC does business as Avatar Investment Management.