arsheffield via flickr
The regulatory authority reports that Inspire stated that it employs a data-focused approach to assess possible investment opportunities and refrains from investing in firms linked to specific business practices contradicting biblical principles.
Nevertheless, the SEC discovered that starting in 2019 and continuing through March 2024, the company predominantly relied on a manual review process and did not assessed individual companies against its specified investment criteria.
The SEC stated that Inspire also did not have established policies and procedures for assessing companies' performance during its investment process. Therefore, the regulator points out that Inspire invested in companies involved in activities that do not align with its standards.
As per the SEC's ruling, the company is required to pay a penalty of $300,000 and bring on board an external compliance expert.
source: marketwatch.com
Nevertheless, the SEC discovered that starting in 2019 and continuing through March 2024, the company predominantly relied on a manual review process and did not assessed individual companies against its specified investment criteria.
The SEC stated that Inspire also did not have established policies and procedures for assessing companies' performance during its investment process. Therefore, the regulator points out that Inspire invested in companies involved in activities that do not align with its standards.
As per the SEC's ruling, the company is required to pay a penalty of $300,000 and bring on board an external compliance expert.
source: marketwatch.com