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U.S. Securities and Exchange Commission says a Private Equity Adviser is Barred From Industry for Improper Withdrawal From Funds
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U.S. Securities and Exchange Commission says a Private Equity Adviser is Barred From Industry for Improper Withdrawal From Funds
U.S. Securities and Exchange Commission says a Private Equity Adviser is Barred From Industry for Improper Withdrawal From Funds
February 8, 2017
Washington, DC - - (February 7, 2017) - - The Securities and Exchange Commission today announced that a private equity adviser has been permanently barred from the securities industry and must pay a $1.25 million penalty to settle charges that he withdrew improper fees from two private equity funds he managed.
The SEC’s order finds that Scott M. Landress formed the funds to invest in real estate trusts with underlying investments in properties throughout the UK. His investment advisory firm SLRA Inc. earned management fees based on the net asset value of the underlying investments. SLRA’s fees shrank and its management costs increased as real estate property values fell during the financial crisis, and the funds’ limited partners declined several requests by Landress for additional compensation to cover the shortfalls.
According to the SEC’s order, Landress directed SLRA to withdraw 16.25 million pounds from the funds in early 2014, purportedly as payment for several years of services provided by an affiliate. He subsequently transferred the money to his personal account. SLRA and Landress did not disclose the related-party transaction and the resulting conflicts of interest until after the money had been withdrawn.
According to the SEC’s order, Landress and SLRA returned the withdrawn service fees to the funds after the SEC began its investigation.
“Private equity fund advisers have a duty to act in the best interest of their clients, but Landress and SLRA helped themselves to millions of dollars’ worth of fees to which they had no legitimate claim,” said Scott W. Friestad, Associate Director of the SEC’s Division of Enforcement.
Landress and SLRA agreed to the SEC’s cease-and-desist order without admitting or denying the findings.
The SEC’s investigation was conducted by David Becker, Gregory Padgett, Robert Dodge, and Brian Fitzpatrick, and the case was supervised by Amy Friedman and Jeffrey Finnell.
Information source: U.S. Securities and Exchange CommissionTags: adviser, barred, commission, equity, exchange, funds, improper, industry, private, securities, u.s., withdrawalPosting comments is disabled.
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