Money Manager Fined For Misappropriating Funds

Law360, New York (February 22, 2008, 12:00 AM EST) -- The head of money manager New Vision Investment Funds LLC has been ordered to give up $808,000 in a case in which the U.S. Securities and Exchange Commission claims that he misappropriated money while hiding debt.

Vincent A. Lenarcic Jr. and New Vision, which once controlled $200 million, were also permanently barred on Thursday from further violating the Securities Exchange Act, after a district court judge ruled on the SEC's charges of securities and investment fraud.

Judge Martin Reidinger of the U.S. District Court for the...
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