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The SEC has charged an investment advisory firm and two of its executives with selling unsuitable investments to pension funds for Atlanta’s police and firefighters, transit workers and other employees.

According to the agency, Gray Financial Group of Atlanta, Laurence O. Gray, its founder and president, and Robert C. Hubbard IV, co-CEO, were charged with fraud after allegedly breaching their fiduciary duty by steering public pension clients into alternative investments that did not meet the requirements of Georgia state law even while they knew the investments were unsuitable.

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