The civil charges relate to a fund that Dube and Peak Wealth Opportunities advised from 2008 to June 2010, called the Stock Car Stock Index Fund. It attracted the attention from the media in 2009, featuring on a list by US News & World Report of the world’s strangest mutual funds.

Dube and Peak Wealth “failed to furnish certain records to the SEC” despite promising “multiple times” to do so, the regulator said.

The authorities also allege that the firm failed to make and keep certain required financial records; failed to withdraw the firm’s registration with the SEC and make other necessary filings, and failed to provide the fund’s board of directors with enough information to assess it.

In 2010, along with the SEC’s exam into Peak Wealth’s advisory business and the operations of the fund, the fund’s board terminated the advisory contract and liquidated the fund by returning the balance to investors. This was after Peak Wealth had asked for more time to respond to the board’s request for information, as part of its annual evaluation of advisory agreements.

“A fully-informed board is crucial to the advisory fee setting process, yet Dube failed to provide the board with the most basic of information,” said Chad Alan Earnst, assistant regional director in the SEC enforcement division’s asset management unit.

The SEC charged Dube with willfully aiding and abetting and causing Peak Wealth’s violations and could seek to permanently bar him from association with an SEC registered investment adviser or broker dealer.