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Pentagon To Close After SEC Files Charges
March 26, 2008
In the wake of regulatory complaint against it, Pentagon Capital Management has decided to close shop.
The London-based firm told investors this week that it will wind down and return their money, the Daily Telegraph reports.
The US$1 billion fund last week was slapped with a civil complaint by the U.S. Securities and Exchange Commission, accusing it of illicit mutual-fund market-timing. According to the complaint, the alleged malfeasance took place between 1999 and 2003 in Pentagon’s former fund.
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