Sunday, 26 April 2015
Last updated 2 days ago
Oct 17 2012 | 11:55am ET
The Securities and Exchange Commission is suing Jersey City, N.J.-based Yorkville Advisors and two of its officials for allegedly inflating the value of securities held in its hedge funds.
In a complaint filed in Manhattan federal court on Wednesday, the SEC claims that Yorkville; its founder and president, Mark Angelo; and Chief Financial Officer Edward Schinik inflated values for convertible debentures, convertible preferred stock and promissory notes held by the hedge funds since at least 2008.
According to the SEC's complaint, the overstatements earned Yorkville over $10 million in fees. The regulator also accuses the hedge fund manager of misleading investors about risky and illiquid investments between 2008 and 2010.
The SEC is seeking disgorgement of unspecified gains to Yorkville, civil penalties and an order barring the defendants from violating securities laws in the future.
The suit is the latest blow to Yorkville, which posted its first down year in 2010 (having posted only nine losing months in the previous nine years) and was the focus of unwanted media attention for its receipt of $233 million in government bailout funds.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…