According to finalternatives a California hedge fund manager
has settled allegations that he misled investors in his funds. Gary Marks,
without admitting or denying wrongdoing, agreed to pay more than $421,000 in
disgorgement and fines to end the Securities and Exchange Commission's case
against him. The regulator has accused the Sky Bell Asset Management chief of
negligently misrepresenting the correlation and diversification among the
firm's hedge funds, among other improper actions between 2005 and 2008.
According to the SEC, Marks recommended investors put most
of their money into Sky Bell hedge funds while failing to disclose that one was
significantly investing in a subadvisor's fund and making misleading statements
about liquidity problems in another fund.
In addition to running Sky Bell, which had offices in
Florida and Hawaii, Marks is also a rock musician and the co-author of a 2007
investment guide, Rocking Wall Street….
Read all about it at https://www.finalternatives.com/node/21415
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