SEC Charges Detroit Money Market Fund With Fraud

Law360, New York (November 26, 2013, 4:58 PM EST) -- The U.S. Securities and Exchange Commission on Tuesday charged Detroit-based investment advisory firm Ambassador Capital Management LLC with fraud for misleading the trustees of a money market fund about the fund’s risk exposure, which exceeded allowable limits.

In an order filed with the SEC’s administrative court, the agency’s enforcement division alleged that Ambassador Capital Management and its portfolio manager Derek Oglesby repeatedly lied to the trustees of Ambassador Money Market Fund about the credit risk in the securities they purchased for its portfolio.

The SEC also...
To view the full article, register now.