Investment Firm Reaped $10M From Inflated Assets, SEC Says

Law360, New York (October 17, 2012, 8:27 PM EDT) -- The U.S. Securities and Exchange Commission on Wednesday hit a New Jersey-based investment advising firm with a lawsuit claiming it scored $10 million in ill-gotten fees by exaggerating the quality of its assets and hiding its losses from investors.

The complaint, filed in New York federal court, accuses Yorkville Advisors LLC, founder and President Mark Angelo, and Chief Financial Officer Edward Schinik of luring pension funds and others to invest more than $280 million in the defendants' hedge funds by falsely claiming to manage a highly...
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