Private equity firm settles U.S. SEC 'pay to play' charges

WASHINGTON, June 20 Fri Jun 20, 2014 10:39am EDT

WASHINGTON, June 20 (Reuters) - A Philadelphia-based private equity firm will pay $300,000 to settle civil charges that it accepted advisory fees from state and city pension funds after one of its associates had donated money to local political candidates, U.S. regulators announced on Friday.

The Securities and Exchange Commission's case against TL Ventures Inc marks the first time the SEC has ever brought charges under new rules adopted in 2010 designed to curb "pay to play" practices by investment advisers. (Reporting by Sarah N. Lynch; Editing by Eric Beech)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

How to get out of debt

Financial adviser Eric Brotman offers strategies for cutting debt from student loans and elder care -- and how to avoid money woes in the first place.  Video