The Securities Exchange Commission (SEC) filed an administrative action against Lufkin Advisors LLC on Wednesday following a settlement offer from Lufkin Advisors, which the SEC has accepted. The SEC found that Lufkin Advisors engaged in fraudulent activities, including mismanagement of cryptoassets, undisclosed investments by employers associated with the spouse of the company's principal, and improper accounting practices. The firm also failed to monitor the value of investments and comply with statutory requirements, including asset custody, reporting accuracy, and maintenance of advisor records. As a result, the SEC permanently prohibited Lufkin Advisors from future violations of multiple provisions of the Advisers Act and corresponding rules, and revoked its registration. Lufkin Advisors neither admitted nor denied the findings, with the exception of the SEC's jurisdiction and certain findings, and the firm agreed to the order.