Compliance Corner: SEC

Editorial Staff March 23, 2018

Compliance Corner: SEC

The latest compliance issues and stories in North America.

The US Securities and Exchange Commission has sought to freeze assets and halt activities of a hedge fund manager whom it claims has lied about his previous experience and concealed his criminal past.

The SEC has obtained a preliminary injunction and continued asset freeze against Nicholas J Genovese and his hedge fund and advisory firm, it said in a statement earlier this week. 

The preliminary injunction and continued asset freeze order was entered in the US District Court for the Southern District of New York on February 26, 2018. It affected activities of Genovese and Willow Creek Investments, LP. The injunction remains in effect until legal action concludes, the SEC said in a statement.

The SEC charged Genovese and his hedge fund and advisory firm on February 2, 2018. According to the SEC's complaint, Genovese and his fund and firm raised more than $5.3 million from at least six investors by lying about his prior securities industry experience and size of operations, and by concealing his past criminal history, the SEC added. 


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