Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Market
News of the Competition (05/08/2014)
  • WASHINGTON (5/8/14)--Examinations of private-equity firms by the Securities and Exchange Commission have uncovered that more than half of allocated expenses and collected fees by the firms were done so either improperly or illegally, a top SEC official reported Tuesday ( The Wall Street Journal May 7). Shady practices by the firms, such as skimming off of investment returns by inappropriately charging fees or expenses, have cost investors millions of dollars, the commission found. Drew Bowden, SEC Office of Compliance Inspections and Examinations director, said the agency has identified "violations of law or material weaknesses in controls" in more than half of the 112 examinations performed. Earlier this year, the SEC charged the private-equity manager Camelot Acquisitions Secondary Opportunities Management with stealing $9 million from investors by running a "sham due diligence arrangement," where Camelot allegedly paid fake fees to a company controlled by an acquaintance, who then allegedly kicked the funds back to Camelot. . .


RSS





print
News Now LiveWire
Better economic & #CU conditions,leading to higher rates in '15,'16, will boost CU earnings, asset quality,capital http://t.co/rmJvi3MIpQ
10 hours ago
RT @CUNA: Today is the first day of #CUYouthMonth How is your #creditunion celebrating?
15 hours ago
New @FICO score metric expected this week, will include utility payments http://t.co/l0hGhilMqQ
16 hours ago
.@TheNCUA increased supplier diversity in 2014 by 49%, although NCUA’s workforce diversity levels declined slightly.
16 hours ago
Also from FFIEC today, council announces reappointments of Mary Hughes and Lauren Kingry to its State Liaison Committee. 2of2
16 hours ago