Investment News – The SEC has settled charges against investment adviser Quantek Asset Management LLC and two managers who told investors in two Latin American alternative investment funds that the executives had invested large portions of their own money in the funds between 2006 and 2008, regulators said.
Quantek, lead executive Javier Guerra and operations director Ralph Patino, misled investors about their executives having “skin in the game” when investors were deciding whether to invest in the two Quantek Opportunity Funds, which grew to $1 billion in assets, the Securities and Exchange Commission said in an administrative complaint. Quantek’s executives never invested their own money in the funds, but investors were told in marketing materials and side letter agreements that they did, the complaint said.
