• SEC Charges Investment Adviser with Violations of 13D Filing Requirement
  • August 18, 2009
  • Law Firm: Winston & Strawn LLP - Chicago Office
  • On July 21, 2009, the Securities and Exchange Commission (the "SEC") announced that it had charged an investment adviser with violating Section 13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and Rule 13d-1 thereunder, for failing to properly report that it had purchased a significant holding in the stock of a public company. According to the SEC, the adviser purchased the shares in order to vote them in favor of a merger from which the adviser stood to realize a significant profit. Without admitting or denying the SEC's findings, the adviser agreed to the entry of a cease and desist order and payment of a civil money penalty of $150,000. The adviser also was censured by the SEC.