Fraudster of the Day: SEC Charges Formerly $1 Billion Yorkville Advisors Fund

The Securities and Exchange Commission charged Mark Angelo and his formerly $1 billion Jersey City, N.J., hedge fund firm, Yorkville Advisors, with fraud on Wednesday, alleging they overvalued assets under management and exaggerated returns, according to Forbes..... The tactics of Yorkville Advisors have been the subject of several Forbes articles, which noted that one Yorkville fund, YA Global Investment Fund I, never had a down month from February 2001 to July 2008 until a stunning reversal saw it report a drop of 33% in 2010, most of it in the single month of December 2010. Forbes reported in 2010 that Yorkville had disclosed to investors that it had provided information to the SEC at the direction of securities regulators..... The SEC claims that Yorkville did not adhere to its own stated valuation policies and ignored negative information about certain investments by the funds. Yorkville also withheld adverse information about fund investments………………………………………………………………………………………… Want to see more? Go to http://www.forbes.com/sites/nathanvardi/2012/10/17/sec-charges-formerly-1-billion-yorkville-advisors-hedge-fund-with-fraud-and-bogus-valuations/