Cutter Financial Group, LLC and Jeffrey Cutter

U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26485 / February 19, 2026 Securities and Exchange Commission v. Cutter Financial Group, LLC and Jeffrey Cutter , No. 3:23-cv-10589 (D. Mass., filed Mar. 17, 2023) Court Enters Final Judgment Against Investment Adviser and Advisory Firm for Breaches of Fiduciary Duties in Annuity Sales to Advisory Clients On February 10, 2026, the U.S. District Court for the District of Massachusetts entered a final judgment against Massachusetts-based investment adviser Jeffrey Cutter and his advisory firm, Cutter Financial Group LLC (“CFG”). The judgment orders CFG to pay a civil penalty of $100,000 and orders Cutter to pay a civil penalty of $50,000. The judgment requires Cutter and CFG to provide a copy of the judgment to all of their existing investment advisory clients and to all of their new investment advisory clients for a period of five years, and enjoins Cutter and CFG from future violations of Section 206(2) of the Investment Advisers Act of 1940 (“Advisers Act”) for a period of five years. The entry of the final judgment follows an April 23, 2025 jury verdict after a seven day trial on the SEC’s allegations that Cutter and CFG violated Sections 206(1), 206(2) and 206(4) of the Advisers Act and Rule 206(4)-7 thereunder by, among other things, selling insurance products called fixed index annuities to their advisory clients without adequate disclosure of their financial incentive to recommend fixed index annuities over other investment options. The jury found the defendants liable for violating Section 206(2) of the Advisers Act and found for the defendants on the SEC’s claims alleged under Sections 206(1) and 206(4) of the Advisers Act and Rule 206(4)-7 thereunder. The SEC’s litigation was handled by Amy Burkart and David Fox of the Boston Regional Office. Resources <ul class="field