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F-Squared haunts Virtus as fund distributor pays $16.5M to settle false performance claims

Virtus Investment Advisers agreed to pay a $16.5 million fine to settle charges it publicized false performance data for the AlphaSector exchange-traded fund, the Securities and Exchange Commission reported Monday.

According an SEC statement, Virtus published a “substantially overstated performance record as received from F-Squared, which was hired as a subadviser.”

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