{"id":80372,"date":"2022-01-05T02:07:53","date_gmt":"2022-01-05T07:07:53","guid":{"rendered":"https:\/\/www.hedgeco.net\/news\/?p=80372"},"modified":"2022-01-05T02:07:53","modified_gmt":"2022-01-05T07:07:53","slug":"sec-charges-charlotte-north-carolina-investment-adviser-and-its-president-for-not-providing-records-to-examiners","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/01\/2022\/sec-charges-charlotte-north-carolina-investment-adviser-and-its-president-for-not-providing-records-to-examiners.html","title":{"rendered":"SEC Charges Charlotte, North Carolina Investment Adviser and Its President for Not Providing Records to Examiners"},"content":{"rendered":"\n<p>(HedgeCo.Net) The Securities and Exchange Commission has announced charges against <strong>B\u00f3veda Asset Management,<\/strong> Inc. and its President and sole owner, George Kenneth Witherspoon, Jr. of Charlotte, North Carolina, for failing to provide required books and records during a Commission examination and for other violations of the federal securities laws.<\/p>\n\n\n\n<p>According to the&nbsp;SEC&#8217;s complaint, filed in U.S. District Court in Atlanta, Georgia, SEC staff requested books and records from B\u00f3veda and Witherspoon as part of an investment adviser examination in September 2019. B\u00f3veda and Witherspoon have not produced the requested books and records, as required by law. The complaint further alleges that B\u00f3veda is improperly registered with the Commission as an Internet investment adviser because it does not meet the applicable registration requirements, and does not otherwise appear to be qualified for registration with the Commission. The SEC also claims that, since January 2020, B\u00f3veda and Witherspoon have had custody of client funds, but have failed to comply with requirements to safeguard those assets. Finally, the SEC asserts that B\u00f3veda and Witherspoon made material misstatements and omissions in B\u00f3veda&#8217;s Forms ADV filed with the Commission between 2014 and 2021.<\/p>\n\n\n\n<p>The SEC&#8217;s complaint charges B\u00f3veda with violating Sections 203A, 204(a) and 206(4) of the Investment Advisers Act of 1940, and Rule 206(4)-2 thereunder. Witherspoon is charged with aiding and abetting those violations. B\u00f3veda and Witherspoon also are charged with violating the antifraud provisions (Sections 206(1) and 206(2)), as well as Section 207, of the Investment Advisers Act, and Witherspoon is alternatively charged with aiding and abetting B\u00f3veda&#8217;s violations of those provisions. The complaint seeks permanent injunctions from future violations of these provisions and civil monetary penalties.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>(HedgeCo.Net) The Securities and Exchange Commission has announced charges against B\u00f3veda Asset Management, Inc. and its President and sole owner, George Kenneth Witherspoon, Jr. of Charlotte, North Carolina, for failing to provide required books and records during a Commission examination [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,3,16048,16047],"tags":[],"class_list":["post-80372","post","type-post","status-publish","format-standard","hentry","category-hedgeco-networks-press-releases","category-hedgeco-news","category-hedgecovest-news","category-insider-trading-2"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/80372","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\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=80372"}],"version-history":[{"count":1,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/80372\/revisions"}],"predecessor-version":[{"id":80373,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/80372\/revisions\/80373"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=80372"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=80372"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=80372"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}