SEC Seeks Fines In Hedge Fund Kickback Case

Law360, New York (July 8, 2009, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission is seeking $25,000 penalties against three companies and a stock promoter and a lifetime ban from involvement with penny stocks on a second stock promoter, all of whom signed consent decrees settling claims related to a hedge fund kickback scheme.

According to a motion filed in the U.S. District Court for the Southern District of Florida, Western Financial Services Inc. has not objected to the proposed $25,000 penalty, while defendants Affinity Financial Group Inc., Real Asset Management LLC and Vincent...
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