{"id":37575,"date":"2013-08-22T10:34:42","date_gmt":"2013-08-22T14:34:42","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=37575"},"modified":"2013-08-22T10:44:29","modified_gmt":"2013-08-22T14:44:29","slug":"sec-charges-former-oppenheimer-private-equity-fund-manager-with-misleading-investors","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/08\/2013\/sec-charges-former-oppenheimer-private-equity-fund-manager-with-misleading-investors.html","title":{"rendered":"SEC Charges Former Oppenheimer Private Equity Fund Manager with Misleading Investors"},"content":{"rendered":"<p><a href=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2013\/03\/download.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-34612\" alt=\"\" src=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2013\/03\/download-300x203.jpg\" width=\"300\" height=\"203\" srcset=\"https:\/\/hedgeco.net\/news\/wp-content\/uploads\/2013\/03\/download-300x203.jpg 300w, https:\/\/hedgeco.net\/news\/wp-content\/uploads\/2013\/03\/download.jpg 470w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>New York (HedgeCo.Net) &#8211; Another former hedge fund manager is being targeted by regulators for misleading clients. The SEC has charged a former portfolio manager at Oppenheimer &amp; Co. with misleading investors about the valuation and performance of a fund consisting of other private equity funds.<\/p>\n<p>&#8220;Investors deserve and the law requires honest disclosure about how their investments are valued,\u201d said Andrew J. Ceresney, Co-Director of the SEC\u2019s Division of Enforcement. \u201cWilliamson improperly lured investors to the private equity fund he managed by providing false and misleading information about the fund\u2019s performance.\u201d<\/p>\n<p>The SEC said that Brian Williamson&#8217;s quarterly reports and marketing materials misstated the valuation of the Oppenheimer fund\u2019s holdings. \u00a0He also sent marketing materials reporting an internal rate of return that failed to deduct fees and expenses. As a result, the fund\u2019s reported performance as measured by its internal rate of return \u2013 a key indicator of the fund\u2019s performance \u2013 was significantly enhanced.<\/p>\n<p>Earlier this year, Oppenheimer agreed to pay $2.8 million in a settlement of related charges.<\/p>\n<p>Williamson marketed Oppenheimer Global Resource Private Equity Fund I, L.P. to pensions, foundations, endowments, and high net worth individuals and families. Williamson also modified the Oppenheimer fund\u2019s marketing materials in October 2009 by increasing the reported value of the fund\u2019s largest investment \u2013 Cartesian Investors-A LLC \u2013 from $6 million to approximately $9 million, the SEC says.<\/p>\n<p>Alex Akesson<br \/>\nEditor for\u00a0<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>\u00a0is a premier\u00a0<a title=\"hedge fund database\" href=\"http:\/\/www.hedgeco.net\/\">hedge fund database<\/a>\u00a0and community for qualified and accredited investors only. Membership in\u00a0<a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\/\">HedgeCo.net<\/a>\u00a0is FREE and EASY. We also offer FREE LISTINGS for\u00a0<a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\/\">Hedge Funds<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (HedgeCo.Net) &#8211; Another former hedge fund manager is being targeted by regulators for misleading clients. The SEC has charged a former portfolio manager at Oppenheimer &amp; Co. with misleading investors about the valuation and performance of a fund [&hellip;]<\/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-37575","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\/37575","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=37575"}],"version-history":[{"count":6,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/37575\/revisions"}],"predecessor-version":[{"id":37589,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/37575\/revisions\/37589"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=37575"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=37575"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=37575"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}