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SEC charges VC fund adviser and CEO over misleading statements and management fees

The US Securities and Exchange Commission (SEC) has filed charges against venture capital fund adviser Alumni Ventures Group (AVG) and its CEO Michael Collins, according to a report by AltenativesWatch.

The SEC complaint alleges that the firm made misleading statements about its management fees and engaged in interfund transactions that violate fund operating agreements. Collins has been charged with causing 

The SEC charged the entity’s CEO, Michael Collins, with causing AVG’s violations.

Both AVG and Collins have agreed to a cease and desist order and agreed to pay USD700,000 and USD100,000 respectively without admitting or denying the charges.

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