Wednesday, 6 May 2015
Last updated 20 hours ago
Apr 14 2014 | 11:06am ET
The U.S. Securities and Exchange Commission examined 400 private equity firms and found that more than half inflated the fees and expenses charged to portfolio companies.
Citing a person “with knowledge of the SEC's findings,” Bloomberg reported that while some of the problems seem to represent mistakes, some may have been deliberate.
The 2010 Dodd-Frank Act gave the regulator greater authority to monitor the $3.5 trillion p.e. space. According to the source, by December 2012, SEC examiners had found evidence of miscalculation of fees, improper collection of money from portfolio firms and use of fund assets to cover company expenses.
“A lot of the practices, in the eyes of the SEC, raise conflicts,” Barry Barbash, co-head of the asset-management group at Willkie Farr & Gallagher in Washington, told Bloomberg. “The SEC wants those conflicts aired out and wants certain practices ultimately changed, and I’m sure we’re going to see it.”
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…