SEC Accuses FreedomTree Of Misleading Investors

Law360, New York (October 1, 2010, 5:46 PM EDT) -- The U.S. Securities and Exchange Commission has launched administrative proceedings against FreedomTree Mutual Funds and Asset Management LLC and Spence-Lingo Co. Ltd., which the agency has accused of misleading investors by falsifying the size of their profiles and the breadth of their services.

FreedomTree, owned by 29-year-old Jermaine Spence, promoted itself as having $235 million in assets under management and “27 years of unparalleled leadership,” also claiming that it subjected itself to regulatory oversight by the SEC when, in fact, each of these promises was false,...
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