The Securities and Exchange Commission (SEC) has charged Gary R. Marks, who managed four funds of funds through Sky Bell Asset Management, LLC (Sky Bell), with violating various provisions of the Investment Advisers Act of 1940 and the Securities Act of 1933 by recommending unsuitable investments to his clients; misrepresenting that those funds’ returns were not correlated with each other; and failing to disclose material financial information about those funds. Marks has consented to the entry of a judgment against him that enjoins him from future securities laws violations and requires him to disgorge profits and pay a civil penalty. This article summarizes the events that led to the SEC’s enforcement action; the SEC’s specific charges; and the resolution of those charges.