Law360, New York (September 26, 2014, 10:24 AM EDT) -- On Sept. 22, 2014, the U.S. Securities and Exchange Commission charged private equity fund adviser Lincolnshire Management Inc. with breaching its fiduciary duty to two of its private equity funds by improperly benefiting one fund over the other by misallocating expenses.
As has been widely reported, the SEC has been focusing on the private equity industry. In May, Andrew J. Bowden, director, Office of Compliance Inspections and Examinations, stated that in examining "how fees and expenses are handled by advisers to private equity funds, we have identified what we believe are violations of law or material weaknesses in controls over 50...
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