March 19, 2020 / 12:32 PM / 11 days ago

IN BRIEF: Fund manager’s firms owe SEC $18.1 mln, US judge rules

The Securities and Exchange Commission has obtained an $18.1 million civil judgment in federal court in Manhattan against two firms founded and run by Lawrence E. Penn III, who pleaded guilty to grand larceny in 2015.

U.S. District Judge Valerie Caproni ruled Tuesday that Camelot Acquisitions Secondary Opportunity Management LLC and an affiliate, Camelot Group International, “were acting of one mind” with Penn when the equity-fund manager cheated investors out of more than $9 million by billing them for due-diligence services that were never performed.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2QtmB9j

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