GLG Partners To Pay $9M for Overvaluing Fund

Law360, Los Angeles (December 12, 2013, 4:51 PM EST) -- Hedge fund adviser GLG Partners LP has agreed to pay $9 million to settle the U.S. Securities and Exchange Commission's allegations that internal control failures led to the overvaluation of a fund's assets and inflated fee revenues, the regulator said Thursday.

The SEC had claimed internal control failures on the part of GLG and its former U.S.-based holding company GLG Partners Inc. led to the overvaluation of a fund's 25 percent stake in an emerging coal-mining company from November 2008 to November 2010. The failures allegedly caused the stake...
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