April 4, 2013

SEC Brings Action Against Adviser and Its Principal Related to Misleading Advertisements

The SEC brought an administrative action against ZPR Investment Management, Inc. (ZPR) and Max E. Zavanelli. The SEC alleges that ZPR and Zavanelli made false and misleading advertisements in several financial magazines and in monthly newsletters to clients and prospective clients between October 2008 and May 2011.

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March 26, 2013

Morgan Keegan Directors and SEC Will Settle Charges

The eight former independent directors of the Morgan Keegan mutual funds have agreed to settle with the SEC in connection with a civil enforcement action brought by the SEC. The former directors sat on the boards of five Morgan Keegan mutual funds that incurred significant losses during the financial crisis.

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March 26, 2013

SEC Charges California-Based Hedge Fund Analyst and Two Others with Insider Trading

The SEC brought administrative charges against Matthew Teeple of San Clemente, California for insider trading. The SEC alleges that he was tipped in advance of a July 2008 announcement that Foundry Networks Inc. had agreed to be acquired by Brocade Communication Systems Inc. for approximately $3 billion.

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March 22, 2013

Brokerage CEO and Hedge Fund Manager Charged with Insider Trading

The SEC brought charges against a Houston-based hedge fund manager and his firm accused of defrauding investors in two hedge funds. The SEC further alleged that the hedge fund manager steered bloated fees to a brokerage firm CEO, who also was charged in the administrative action.

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March 22, 2013

SEC Charges Rengan Rajaratnam with Insider Trading

The SEC charged Rajarengan “Rengan” Rajaratnam for his role in the massive insider trading scheme spearheaded by his older brother Raj Rajaratnam and hedge fund advisory firm Galleon Management.

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March 18, 2013

SEC Obtains Asset Freeze Against Massachusetts-Based Investment Adviser For Stealing Money from Client

The SEC obtained an emergency order from a U.S. District Court (Massachusetts) freezing a Massachusetts-based investment adviser charged with stealing money from clients who were given the false impression they were investing in a hedge fund.

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March 5, 2013

SEC Imposes Sanction on Mutual Fund Investment Adviser

The SEC issued a cease and desist order against Peak Wealth Opportunities LLC and David W. Dube that, among other things, revoked the investment adviser registration of Peak Wealth and barred Mr. Dube from the advisory industry.

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December 26, 2012

SEC Charges Portfolio Manager with Aiding and Abetting Rule 22c-1 Violation under the 1940 Act

An Administrative Law Judge issued an order finding that Lisa B. Premo willfully aided and abetted and caused Evergreen Investment Management Company, LLC’s violations of Sections 206(1) and 206(2) of the Advisers Act and Evergreen’s Ultra Short Opportunities Fund’s  violation of Rule 22c-1(a) under the 1940 Act.

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October 3, 2012

SEC Brings Fraud Charges Against Hedge Fund Managers

The SEC brought administrative actions against two hedge fund managers for mishandling their investors’ money. The SEC alleges that Hausmann-Alain Banet and his firm Lion Capital Management, located in San Francisco, stole more than $500.000 from a retired schoolteacher.  She had thought she was safely investing her retirement savings in…

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September 14, 2012

SEC Brings Fraud Action Against Hedge Fund Adviser

The SEC brought an administrative action against Walter V. Gerasimowicz (Gerasimowicz), Meditron Asset Management, LLC (MAM) and Meditron Management Group, LLC (MMG) alleging that from 2009 through 2011, Gerasimowicz, MAM and MMG misappropriated approximately $2.65 million belonging to their hedge fund client, the Meditron Fundamental Value/Growth Fund, LLC (Meditron Fund).

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