June 20, 2014 / 2:41 PM / 3 years ago

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

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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)

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