Ranieri Settles SEC's $500M Unregistered-Broker Claim

Law360, Los Angeles (March 11, 2013, 8:29 PM EDT) -- Ranieri Partners LLC will settle with the U.S. Securities and Exchange Commission over allegations that the New York-based private equity firm improperly solicited $500 million in capital commitments for private funds through a consultant who was not a registered broker, the SEC announced Monday.

Ranieri will pay $375,000 and Senior Managing Director Donald W. Phillips will pay $75,000 under the terms of the settlement, according to the SEC. William M. Stephens — the unregistered broker and longtime friend of Phillips who allegedly communicated with prospective investors...
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