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Many funds claim to invest in ESG companies, but in reality they are just buying the stocks they would buy anyway and using the “ESG” label for marketing purposes.
The SEC noticed this and investigated these funds.
BNY Mellon Investment Advisor has some ESG funds and told clients that its team has prepared an ESG quality check for each recommended security.
But when the SEC investigated the case, it found that the team had not done this for every security and therefore imposed a $1.5 million fine.
Last week, the SEC also fined Goldman Sachs Asset Management $4 million for similar violations.
Be skeptical when you see ESG.
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