The SEC subsequently accused Tamayo of several violations of the Advisers Act and issued a cease-and-desist order of its own barring him from future violations. The SEC also censured Tamayo and Bored At Work Retirement Services
Tamayo will also pay disgorgement of $144,485 and a $50,000 civil penality, the SEC said. He also agreed to a 12-month suspension from associating with any advisor, broker, dealer or statistical rating organization. As part of his settlement, Tamayo was also ordered to notify all of his advisory clients of the SEC’s action against him.