Adviser Fined for Conflicts Disclosure and Custody Issues Related to Private Fund Investments
The SEC has fined a Connecticut-based investment adviser and its principal for inadequate disclosure of conflicts of interest related to investments of a private fund client and for violations of the Custody Rule.
September 22, 2021
The SEC has fined an Ohio-based dual-registrant for violating the Custody Rule because the firm did not provide investors in two private funds that it advised with audited financial statements or alternatively retain an independent public accountant to conduct surprise examinations of the private funds’ assets.
September 22, 2021
The Chief Accountant of the SEC’s Division of Investment Management has issued a “Dear CFO Letter” to assist funds, advisers, and their independent public accountants “in addressing certain accounting, auditing, financial reporting, or other related disclosure matters.”
May 04, 2021
Florida Adviser Sanctioned Over Performance Fees, Custody Rule Violations
The SEC fined a Florida-based investment adviser and its president $61,808.34 in connection with violations of the Advisers Act Custody Rule, Compliance Program Rule, and certain antifraud provisions.
October 02, 2020
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