The Securities and Exchange Commission has settled its lawsuit against and two related investment advisors, Connely Dowd Management and MTT Fundcorp, along with the firms' three principals, Richard Sapio, Eric McDonald and Michele Leftwich.

Based on their sworn representations of the firm's financial state and their own personal situations, the SEC is waiving disgorgements, interest and penalties for the firm and two of the principals. Only Sapio will have to return $57,674 in disgorgement, $11,055 in interest and a $120,000 civil penalty.

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