SEC Fines Fenway Partners $10M Over Disclosure Flaws
Law360, New York (November 3, 2015, 3:17 PM EST) -- The U.S. Securities and Exchange Commission said on Tuesday that private equity adviser Fenway Partners and four executives, including its chief compliance officer, will pay a combined $10.2 million to settle claims that they failed to disclose conflicts of interest around payments to an affiliate and former employees.
According to the SEC, Fenway Partners LLC used more than $20 million of fund and portfolio company assets to pay for consulting work by an affiliate that previously had been done in-house and to reward former employees for work they mostly did while they were on staff at Fenway. These arrangements were not fully...
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