May 20, 2011

Charges Brought Against Portfolio Manager for Insider Trading Related to the Fund He Managed

The SEC declared final an initial cease and desist order entered by an SEC administrative law judge (“ALJ”) against David W. Baldt (“Baldt”).

Continue reading...

May 20, 2011

SEC Revokes Registration of Securities of Columbia Futures Fund for Failure to Make Required Periodic Filings

The SEC revoked the registration of each class of registered securities of Columbia Futures Fund for failure to make required SEC periodic filings.

Continue reading...

May 11, 2011

SEC Charges Investment Firm and Its President with Making False Statements

The SEC charged an investment firm purportedly located in Kirkland, Washington, and its president, who lives in Honolulu, for making false statements in a report to the SEC and refusing to allow the SEC’s staff to review the firm’s books and records.

Continue reading...

April 8, 2011

SEC Charges Former CFO of Hedge Fund Adviser with Unauthorized Transfers of More than $870 Million in Client Funds

The SEC charged Perry A. Gruss (Gruss), the former chief financial officer of D.B. Zwirn & Co., L.P. (DBZCO), alleging aiding and abetting fraud in connection with the improper transfer of client cash.

Continue reading...

April 6, 2011

CFTC Charges a Commodity Pool Operator With Operating a Ponzi Scheme

The CFTC brought charges against New Century Investment Management LLC (“New Century”) of Southampton, Pennsylvania, and its principal, Ward Onsa (“Onsa”) of Marco Island, Florida, for solicitation fraud, misappropriation and issuing false account statements to commodity pool participants.

Continue reading...

April 4, 2011

SEC Charges Fidelity Trader With Accepting Prohibited Compensation

The SEC charged Thomas H. Bruderman, a sector trader of FMR Co.’s (“Fidelity”) equity trading desk, with accepting compensation prohibited by Section 17(e)(1) of the Investment Company Act of 1940 (1940 Act) from representatives of brokerage firms with whom he conducted business on behalf of Fidelity.

Continue reading...

March 25, 2011

SEC Brings Fraud Charges Against Principal of Investment Adviser

The SEC brought charges against Daniel Sholom Frishberg (“Frishberg”), principal of Daniel Frishberg Financial Services (“DFFS”), an investment adviser registered with the SEC.

Continue reading...

March 2, 2011

California Hedge Fund Adviser Charged with Fraud Involving Side Pockets

The SEC charged a hedge fund adviser with concealing more than $12 million in investment proceeds that he owed investors in the hedge fund he managed.

Continue reading...

February 28, 2011

SEC Charges KPMG Australia with Auditor Independence Violations

The SEC charged KPMG Australia and certain other KPMG member firms with auditor independence violations.  While this action may not have involved investment management firms, the SEC’s auditor independence rules are applicable to registered investment companies.

Continue reading...

February 24, 2011

BDC Chairman Charged with Misleading Shareholders

The SEC brought charges against Sam P. Douglass, the former Chairman of Equus Total Return, Inc., a business development company listed on the New York Stock Exchange.

Continue reading...

Menu