The Securities and Exchange Commission has charged two investment advisers at Oppenheimer & Co with misleading investors about the valuation policies and performance of a private equity fund they manage. An SEC investigation found that Oppenheimer Asset Management and Oppenheimer Alternative Investment Management disseminated misleading quarterly reports and marketing materials
The Securities and Exchange Commission has filed a complaint in the US District Court for the Northern District of Illinois against Joseph J Hennessy and his firm, investment adviser Resources Planning Group (RPG), for defrauding clients and others who were promised returns that would "beat the market" for investing in
Linedata, a solutions provider dedicated to the investment management and credit industries, has launched a new version of Linedata Mshare investor accounting and administration solution. This latest upgrade addresses forthcoming regulations and industry standards offering full compliance with FATCA. It also offers new SWIFT messaging capabilities in anticipation of a
Dion Global Solutions has launched its Foreign Account Tax Compliance Act (FATCA) solutions. Comprising two integrated products, FATCA FORCE and FATCA TRAC, the Dion product suite offers a complete solution to the forthcoming FATCA regulations, and is designed to support future client classification and reporting requirements. FATCA FORCE is
A total of 1,504 advisers to hedge funds and other private funds have registered with the agency since the Dodd-Frank Wall Street Reform and Consumer Protection Act mandated such registration. While some private fund advisers previously registered with the SEC voluntarily, mandatory registration has given the SEC its first comprehensive
The Securities and Exchange Commission has obtained final judgments against Troy B Wragg, Amanda E Knorr, Speed of Wealth, Wayde M McKelvy and Donna M McKelvy ordering disgorgement, prejudgment interest and civil penalties totalling more than USD135m. The court ordered Wragg and Knorr to pay USD37,031,035.36 in disgorgement plus interest
The Securities and Exchange Commission has charged the co-founder of a Chicago-based investment firm with misleading investors in two private equity offerings, and charged the other co-founder with supervisory failures related to the offerings. Advanced Equities – a broker-dealer and investment advisory firm – and co-founders Dwight O. Badger and
The Securities and Exchange Commission has proposed rules to eliminate the prohibition against general solicitation and general advertising in certain securities offerings. Under the proposed rules, which are mandated by the Jumpstart Our Business Startups Act, companies would be permitted to use general solicitation and general advertising to offer securities
HedgeServ, an independent global fund administrator, has added a Form PF (Private Fund) enterprise reporting solution to its service offering. Designed to help hedge funds, private equity funds and other private fund managers comply with SEC regulatory filing requirements, HedgeServ’s solution streamlines the Form PF data gathering process and creates
Legislation, such as Basel III and the Volcker Rule – part of the Dodd-Frank Act in the US – coupled with liquidity concerns and a fall in client appetite, has resulted in a decline in banks’ involvement in the private equity asset class, a Preqin study reveals. Banks accounted for
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