The U.S. Securities and Exchange Commission issued a cease-and-desist order against Ancora Advisors LLC for violating the agency's pay-to-play rule for investment advisers.
The asset manager was also fined a $100,000 civil monetary penalty.
Between January 2013 and June 2017, two Ancora associates made campaign contributions to candidates running for the offices of Governor and Treasurer of Ohio. The offices have influence over selecting investment advisers for a public pension system and a public university in Ohio.
Within two years after the contributions were made, Ancor provided advisory services for compensation to the public pension system and the public university.