{"id":23053,"date":"2011-06-16T07:45:34","date_gmt":"2011-06-16T11:45:34","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=23053"},"modified":"2011-06-16T07:45:34","modified_gmt":"2011-06-16T11:45:34","slug":"washington-hedge-fund-pegasus-settles-with-sec","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/06\/2011\/washington-hedge-fund-pegasus-settles-with-sec.html","title":{"rendered":"Washington Hedge Fund Pegasus Settles With SEC"},"content":{"rendered":"

New York (HedgeCo.net) – Washington-based hedge fund manager Pegasus Investment Management LLC (PIM) has agreed to\u00a0pay a total of $165,000 to settle a SEC charge of\u00a0failing to disclose to fund investors its receipt of cash payments from a third party.
\n\"\"<\/a><\/p>\n

According to the SEC, PIM combined its securities trades with another firm\u2019s in order for that firm to receive volume discounts. PIM was paid $90,000 over a 10-month period for its role and retained the money for itself rather than passing it along to fund investors.<\/p>\n

The SEC also charged PIM\u2019s Vice President, Peter Benjamin Bortel, for his role in the violations, and PIM\u2019s President and Chief Compliance Officer, Douglas Wayne Saksa, for failing reasonably to supervise Bortel. Without admitting or denying the findings,\u00a0PIM, Bortel, and Saksa agreed to settle the SEC\u2019s charges by paying a combined $165,000.<\/p>\n

“The law is well-established that a funds\u2019 trade volume belongs to the fund\u2019s clients, not the adviser.” Robert Leach, Assistant Director in the SEC\u2019s Asset Management Unit in the San Francisco Regional Office, said, “In this case, PIM improperly used that asset for its own benefit and without any disclosure to its investors.”<\/p>\n

Alex Akesson
\nEditor for HedgeCo.net<\/a>
\nalex@hedgeco.net<\/a>
\nHedgeCo.Net<\/a> is a premier hedge fund database<\/a> and community for qualified and accredited investors only. Membership in HedgeCo.net<\/a> is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

New York (HedgeCo.net) – Washington-based hedge fund manager Pegasus Investment Management LLC (PIM) has agreed to\u00a0pay a total of $165,000 to settle a SEC charge of\u00a0failing to disclose to fund investors its receipt of cash payments from a third party. […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,3],"tags":[],"class_list":["post-23053","post","type-post","status-publish","format-standard","hentry","category-hedge-fund-fraud","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/23053","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=23053"}],"version-history":[{"count":1,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/23053\/revisions"}],"predecessor-version":[{"id":23062,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/23053\/revisions\/23062"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=23053"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=23053"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=23053"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}