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.
The SEC has fined a UK-based investment adviser in connection with the firm’s transfer of almost half of the traders assigned to a private fund sold to external clients to a proprietary fund with a similar trading strategy that was created to attract and retain traders and senior managers.
The SEC has filed a complaint against a California-based investment adviser and its former co-owners for failing to disclose side compensation arrangements when recommending investments to clients.
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