private equity; SEC; broker-dealer

From our colleagues Edward J. Johnsen, Wesley G. Nissen, David A. Goldstein, Jay Coogan and Robert B. Weiss

The Securities and Exchange Commission has announced that a private equity fund advisory firm and its owner have agreed to pay more than $3.1 million to settle charges that include engaging in brokerage activity and charging transaction-based fees without registering as a broker-dealer. In so doing, the SEC appears to have rekindled the fire under a long-simmering issue regarding the kinds of services that private fund advisers can provide
Continue Reading SEC Sanctions Private Equity Fund Adviser For Acting As An Unregistered Broker