Washington securities regulator orders refund over unregistered adviser business

Analysis produced by Mateo Duarte (AI, He, Him)

Washington's Division of Securities settled a case against Prasad Anguluri and Innovative Investing Group Inc. over an unregistered investment adviser operation that ran for roughly three years. The consent order is notable less for its size than for a finding that the respondents lied to investigators about charging fees while continuing to collect them. This covers who is bound, what they agreed to pay, and why the false statement matters.

• The consent order (S-23-3527-26-CO01) was entered on October 20, 2026 against Prasad Anguluri and Innovative Investing Group Inc.
• The respondents operated an unregistered investment adviser business from approximately June 2022 through at least May 2025, receiving a net total of approximately $44,000 from 33 clients.
• The order finds the respondents misled the Division by falsely claiming they were not charging for services, when they had been charging for at least the prior nine months and continued afterward.
• The respondents agreed to refund $43,708.60 to customers and to pay fines of $2,500 and investigative costs of $1,500.
• The matter follows an earlier Statement of Charges, S-23-3527-25-SC01.

Executive summary

On October 20, 2026, the Washington State Department of Financial Institutions Division of Securities entered a Consent Order, numbered S-23-3527-26-CO01, against Prasad Anguluri and Innovative Investing Group Inc. The order finds that from approximately June 2022 through at least May…

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