Guggenheim Partners Investment Management LLC agreed to pay a US $20 million fine to settle charges by the Securities and Exchange Commission that it failed to disclose a US $50 million loan received by one of its senior executives from an advisory client. The SEC claimed that Guggenheim breached its fiduciary duty to other advisory clients in 2010 when it failed to disclose the loan, and the advisory client providing it subsequently participated in two transactions on different terms than the other Guggenheim advisory clients. In addition, Guggenheim was cited by the SEC for inadvertently charging one client US $6.5 million in advisory fees for investments it did not manage, as well as other violations of law. According to the SEC, Guggenheim only provided the client certain operational services and should only have charged the client for investment management services – an amount much lower than its advisory fees. In addition to paying a fine, Guggenheim agreed to retain an independent consultant to enhance its policies and procedures.