The Securities and Exchange Commission today announced that Guggenheim Partners Investment Management LLC has agreed to settle charges that it breached its fiduciary duty by failing to disclose a $50 million loan that one of its senior executives received from an advisory client. Santa Monica, Calif.-based Guggenheim, a subsidiary of global financial services firm Guggenheim Partners LLC, will pay $20 million to settle charges for the disclosure failure and other violations. According to the order, Guggenheim did not disclose the loan or the potential conflict of interest created by the executive’s receipt of it to its other clients involved in the transactions. The SEC’s order also finds that Guggenheim inadvertently categorized certain investments of an institutional advisory client as managed assets when they were not, and charged the client approximately $6.5 million in asset management fees it did not earn. According to the order, after Guggenheim identified the error, it did not issue a credit to the client until November 2014, nearly two years later. In June, an affiliate of Guggenheim Partners sold a controlling interest in EquiTrust Life Insurance Co. to Magic Johnson Enterprises; Guggenheim continues to provide investment management services for EquiTrust Life.