So-called “gatekeepers” have been in the SEC’s crosshairs for years. Although fund administrators and other service provides are neither required to register with nor directly regulated by the SEC, the Commission has taken action against administrators for causing, or being a cause of, securities law violations by regulated fund managers. The most recent SEC action of this kind ended with a cease-and-desist order against a fund administrator that allegedly calculated the net asset value of a mutual fund it administered by including fake loans held by the fund, even though it allegedly knew that, absent requisite documentation, the fund’s custodian had refused to book those loans as fund assets. This article details the SEC’s allegations and settlement terms. See “What the SEC’s Enforcement Statistics Reveal About the Regulator’s Focus on Hedge Funds and Investment Advisers” (Oct. 20, 2016). For discussion of SEC concerns about attorneys and accountants as gatekeepers, see “How Can Hedge Fund Managers Update Their Insider Trading Compliance Programs to Reflect the SEC’s Focus on Systemic Violators, Gatekeepers, Trading Patterns, Profitable Trades and Expert Networks?” (Aug. 19, 2011).