The Securities and Exchange Commission on Thursday charged the chief executive officer of a Chicago-based advisory firm with lying to the California Public Employees’ Retirement System and other clients about the amount of money managed by the firm.

Simran Capital Management CEO Umesh Tandon, 37, deceived CalPERS by falsely claiming that his firm met minimum assets under management standards, according to the SEC. Institutional investors like CalPERS often use AUM as a metric to screen prospective investment advisers soliciting their business.

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