{"id":40255,"date":"2014-01-27T09:20:54","date_gmt":"2014-01-27T14:20:54","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=40255"},"modified":"2014-01-27T09:28:12","modified_gmt":"2014-01-27T14:28:12","slug":"oppenheimer-fund-manager-agrees-to-settle-fraud-charges","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/01\/2014\/oppenheimer-fund-manager-agrees-to-settle-fraud-charges.html","title":{"rendered":"Oppenheimer Fund Manager Agrees to Settle Fraud Charges"},"content":{"rendered":"<p><a href=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2011\/02\/sec_us-securities-and-exchange-commission.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright  wp-image-20865\" alt=\"SEC IM Tap\" src=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2011\/02\/sec_us-securities-and-exchange-commission.png\" width=\"176\" height=\"176\" srcset=\"https:\/\/hedgeco.net\/news\/wp-content\/uploads\/2011\/02\/sec_us-securities-and-exchange-commission.png 600w, https:\/\/hedgeco.net\/news\/wp-content\/uploads\/2011\/02\/sec_us-securities-and-exchange-commission-150x150.png 150w, https:\/\/hedgeco.net\/news\/wp-content\/uploads\/2011\/02\/sec_us-securities-and-exchange-commission-300x300.png 300w\" sizes=\"auto, (max-width: 176px) 100vw, 176px\" \/><\/a>New York (HedgeCo.Net) &#8211; Former Oppenheimer &amp; Co. portfolio manager has agreed to be barred from the securities industry and pay a $100,000 penalty for making misrepresentations about the valuation of a fund consisting of other private equity funds.\u00a0Last year, Oppenheimer agreed to pay $2.8 million in a settlement of related charges.<\/p>\n<p>The SEC announced administrative proceedings against Brian Williamson last August based on allegations that he disseminated information falsely claiming that the reported value of the fund\u2019s largest investment came from the portfolio manager of the underlying fund. Williamson, who managed the fund of funds, actually had valued the investment himself at a significant markup to the value estimated by the underlying fund\u2019s portfolio manager. Williamson sent marketing materials to potential fund investors reporting a misleading internal rate of return that failed to deduct the fund\u2019s fees and expenses. Williamson also made false and misleading statements to investor consultants and others in an effort to cover up his fraud.<\/p>\n<p>\u201cInvestors rely on truthful and complete disclosures about valuation methodologies and fund fees and expenses, especially when committing to a long-term private equity investment,\u201d said Julie M. Riewe, co-chief of the SEC Enforcement Division\u2019s Asset Management Unit. \u201cWilliamson misled prospective investors by marking up the fund\u2019s interim valuations and concealing his role in enhancing its reported performance.\u201d<\/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; Former Oppenheimer &amp; Co. portfolio manager has agreed to be barred from the securities industry and pay a $100,000 penalty for making misrepresentations about the valuation of a fund consisting of other private equity funds.\u00a0Last year, [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,12,3],"tags":[],"class_list":["post-40255","post","type-post","status-publish","format-standard","hentry","category-hedge-fund-fraud","category-hedge-fund-regulation","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/40255","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=40255"}],"version-history":[{"count":3,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/40255\/revisions"}],"predecessor-version":[{"id":40262,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/40255\/revisions\/40262"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=40255"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=40255"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=40255"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}