{"id":31995,"date":"2012-10-18T10:47:13","date_gmt":"2012-10-18T14:47:13","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=31995"},"modified":"2012-10-18T12:08:53","modified_gmt":"2012-10-18T16:08:53","slug":"sec-allegations-in-new-york-hedge-fund","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/10\/2012\/sec-allegations-in-new-york-hedge-fund.html","title":{"rendered":"SEC Alleges Fraud At New York Hedge Fund"},"content":{"rendered":"<p><a href=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2011\/11\/SEC1.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright  wp-image-26024\" title=\"SEC\" src=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2011\/11\/SEC1.png\" alt=\"\" width=\"240\" height=\"240\" srcset=\"https:\/\/hedgeco.net\/news\/wp-content\/uploads\/2011\/11\/SEC1.png 300w, https:\/\/hedgeco.net\/news\/wp-content\/uploads\/2011\/11\/SEC1-150x150.png 150w\" sizes=\"auto, (max-width: 240px) 100vw, 240px\" \/><\/a>New York (HedgeCo.Net) &#8211; The SEC yesterday charged $1billion hedge fund Yorkville Advisors LLC., its founder and president, Mark Angelo, and its chief financial officer, Edward Schinik with\u00a0exaggerating\u00a0returns in order to hide losses.<\/p>\n<p>The SEC alleges in a\u00a035-page complaint filed in Manhattan that the hedge fund\u00a0mangers\u00a0gained more than $280 million in investments from pension funds and other investors and enabled it to charge at least $10 million in excess fees.<\/p>\n<blockquote><p>&#8220;The SEC claims that Yorkville did not adhere to its own stated valuation policies and ignored negative information about certain investments by the funds. Yorkville also withheld adverse information about fund investments from Yorkville\u2019s auditor, which allowed Yorkville to carry some of its largest investments at inflated values, the SEC says.&#8221; <em>Forbes reports.<\/em><\/p><\/blockquote>\n<p>The hedge fund\u00a0put out a statement attacking both the S.E.C.\u2019s case and its tactics, calling the efforts a \u201cfree money shakedown.\u201d<\/p>\n<p>\u201cYorkville Advisors is deeply disappointed that the SEC has elected to file this litigation,\u201d the firm said in a statement. \u201cYorkville vigorously disputes all of the allegations contained in the SEC\u2019s complaint as they lack merit and are entirely without support.\u201d<\/p>\n<p>Alex Akesson<br \/>\nEditor for <a title=\"hedge funds\" href=\"http:\/\/www.hedgeco.net\">HedgeCo.net<\/a><br \/>\n<a href=\"mailto:alex@hedgeco.net\">alex@hedgeco.net<\/a><br \/>\n<a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\">HedgeCo.Net<\/a> is a premier <a title=\"hedge fund database\" href=\"http:\/\/www.hedgeco.net\">hedge fund database<\/a> and community for qualified and accredited investors only. Membership in <a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\">HedgeCo.net<\/a> is FREE and EASY. We also offer FREE LISTINGS for <a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\">Hedge Funds<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (HedgeCo.Net) &#8211; The SEC yesterday charged $1billion hedge fund Yorkville Advisors LLC., its founder and president, Mark Angelo, and its chief financial officer, Edward Schinik with\u00a0exaggerating\u00a0returns in order to hide losses. The SEC alleges in a\u00a035-page complaint filed [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12,3],"tags":[],"class_list":["post-31995","post","type-post","status-publish","format-standard","hentry","category-hedge-fund-regulation","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/31995","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=31995"}],"version-history":[{"count":10,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/31995\/revisions"}],"predecessor-version":[{"id":32006,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/31995\/revisions\/32006"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=31995"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=31995"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=31995"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}