December 29, 2011

SEC Alleges Use of Misleading Marketing and Filing of False ADVs by Investment Adviser

The SEC brought an administrative action against Calhoun Asset Management and its principal, Krista Lynn Ward. The SEC alleges that in order to raise the assets for management by Calhoun Asset Management, an investment adviser to two funds of funds, Ward, on behalf of Calhoun, grossly exaggerated Calhoun’s assets under…

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December 23, 2011

SEC Alleges Use of Artificial Performance Data by Investment Adviser

The SEC brought an action against Eric David Wanger and Wanger Investment Management Inc. related to the use of performance data.  The SEC found that David Wanger and his firm repeatedly marked the closing price of certain stocks held by the Wanger Long Term Opportunity Fund II to artificially inflate…

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December 23, 2011

SEC Brings Failure to Supervise Case Involving Interpositioning

The brought charges against Investment Placement Group (IPG) and its CEO, Adolfo Gonzalez-Rubio,. The SEC found that IPG and Gonzalez-Rubio failed reasonably to supervise a former IPG trader engaged in a fraudulent interpositioning scheme involving parties in Mexico from January to November 2008. The SEC found that the scheme went…

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December 22, 2011

SEC Adopts Net Worth Standard for Accredited Investors Under Dodd-Frank Act

12.21.2011  The SEC has amended its rules to exclude the value of a person’s home from net worth calculations used to determine whether an individual may invest in certain unregistered securities offerings. The changes were made to conform the SEC’s definition of an “accredited investor” to the requirements of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).

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December 16, 2011

SEC Brings Action Against Adviser Newsletter Publisher

12.7. 2011  The SEC brought an administrative action against Kenneth E. Marsh, Baldwin Anderson, Robert Anthony Budion, Jeanne M. Lada, and James T. Levier alleging that from at least 2007 through April 2010, they marketed their company, Gryphon Holdings, Inc., as a publisher of financial and investment newsletters, and repeatedly made false statements on the Internet and over the telephone about virtually every aspect of the firm’s business.

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December 16, 2011

SEC to Hold National Seminar For Compliance Officers and Senior Personnel at Investment Management Firms

12.8.2011  The SEC will hold its national seminar for CCOs and other senior personnel at investment management firms on January 31, 2012, at the SEC’s Washington D.C. headquarters.  The event will include panel discussions to analyze compliance and other significant issues being faced by investment advisers and registered investment companies.

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December 15, 2011

Adviser Falsely Claims Internet Adviser Basis on Form ADV for Registering with the SEC

The SEC brought an administrative action against RetireHub, Inc., a Boston, Massachusetts based investment adviser, and its chief executive officer, Sunil K. Bhatia, alleging that they filed with the SEC Forms ADV between 2003 and 2010 with materially inaccurate statements.  One inaccuracy was the bases for registration with the SEC.

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December 13, 2011

Division of Investment Management Director Rominger Speaks at ICI Conference

Eileen Rominger, the Director of the SEC’s Division of Investment Management, spoke at the ICI’s 2011 Securities Law Developments Conference in Washington, D.C. 

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December 5, 2011

Amendments to CFTC Rules Impact Money Market Funds

The CFTC amended certain rules related to the types of investments that futures commission merchants (“FCMs”) and derivatives clearing organizations (“DCOs”) are permitted to make with customer funds.

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