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HTMLOrder Issued for Retaliation Against Dodd-Frank Whistleblower
Peter D. Fetzer, Terry D. Nelson; Foley & Lardner LLP;
Legal Alert/Article
July 8, 2014, previously published on June 30, 2014
Now that the SEC’s whistleblower program is in full operation, the enforcement action highlighted here may become more of a common occurrence. This enforcement action against Paradigm Capital Management, Inc. (“Paradigm”), an SEC registered investment adviser, and its principal...

 

HTMLInvestment Advisers’ Affiliation Leads to Violation of Investment Adviser Registration Requirements
Peter D. Fetzer, Terry D. Nelson; Foley & Lardner LLP;
Legal Alert/Article
July 8, 2014, previously published on June 30, 2014
In a recent enforcement action, the SEC found that an investment adviser was in violation of the investment adviser registration requirements under Section 203(a) of the Investment Advisers Act of 1940 (In the Matter of Penn Mezzanine Partners Management, L.P., Release No. IA-3858). The adviser and...

 

HTMLKnow Your Affiliates
Peter D. Fetzer, Terry D. Nelson; Foley & Lardner LLP;
Legal Alert/Article
July 8, 2014, previously published on June 30, 2014
One aim of the Investment Company Act is to protect against fund insiders, or affiliated persons, using fund assets for their own purposes to the detriment of the fund and its shareholders. For example, Section 17 of the Act prohibits or restricts a wide range of affiliated transactions, and...

 

HTMLPortfolio Manager Sanctioned for Prohibited Act
Peter D. Fetzer, Terry D. Nelson; Foley & Lardner LLP;
Legal Alert/Article
July 8, 2014, previously published on June 30, 2014
Christopher B. Ruffle, portfolio manager of The China Fund, Inc., a fund registered under the Investment Company Act of 1940 was recently sanctioned by the SEC for orchestrating a securities transaction when he knew that the transaction raised affiliation concerns and was a prohibited joint...

 

HTMLConcerns Noted During Private Equity Adviser Exams
Peter D. Fetzer, Terry D. Nelson; Foley & Lardner LLP;
Legal Alert/Article
June 6, 2014, previously published on May 30, 2014
Routine examinations by the SEC at advisory firms who manage the assets of private equity funds have uncovered some serious concerns about the way such advisers calculate fees and allocate expenses. According to Andrew J. Bowden, the director of the SEC’s Office of Compliance Inspections and...

 

HTMLRegistered Investment Adviser Faces Fraud Charges
Peter D. Fetzer, Terry D. Nelson; Foley & Lardner LLP;
Legal Alert/Article
June 6, 2014, previously published on May 30, 2014
The SEC filed fraud charges in a recent complaint filed in federal court against an Ohio-based investment advisory firm, Professional Investment Management (“PIM”) and its president and chief compliance officer, Douglas Cowgill, for allegedly concealing a shortfall of approximately...

 

HTMLSuccession Planning for Mutual Fund Boards
Peter D. Fetzer, Terry D. Nelson; Foley & Lardner LLP;
Legal Alert/Article
June 6, 2014, previously published on May 30, 2014
With the scrutiny of boards of trustees increasing, it has become more important that each board consider succession planning to ensure that a fully staffed and knowledgeable board is always in place. If a board member leaves the board, for whatever reason, it is in the best interest of the...

 

HTMLLifetime Bar Affirmed for Failure to Supervise
Peter D. Fetzer, Terry D. Nelson; Foley & Lardner LLP;
Legal Alert/Article
June 6, 2014, previously published on May 30, 2014
Carl M. Birkelbach, the founder and president of Birkelbach Investment Securities lost his appeal of a lifetime bar from the securities industry imposed by FINRA for failure to supervise over the trading activities of an associate at his firm. Primarily, Birkelbach based his appeal on the fact that...

 

HTMLEmployees of Mutual Fund’s Investment Adviser Have Whistleblower Protections
Peter D. Fetzer, Terry D. Nelson; Foley & Lardner LLP;
Legal Alert/Article
June 6, 2014, previously published on May 30, 2014
Mutual fund boards should be aware that the U.S. Supreme Court has ruled that the employees of investment advisers and other mutual fund service providers are protected by the anti-retaliation provisions of the Sarbanes-Oxley Act of 2002. In light of this, as part of its ongoing oversight process,...

 

HTMLSEC Issues Guidance on Social Media and the Testimonial Rule
Peter D. Fetzer, Terry D. Nelson; Foley & Lardner LLP;
Legal Alert/Article
May 6, 2014, previously published on April 30, 2014
Investment advisers may not use testimonials in their advertisements (the “testimonial rule”). In general, a testimonial is a statement of a client’s experience with, or endorsement of, an investment adviser. The application of the testimonial rule in the era of social media has...

 


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