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SEC Fines Firms Over Unauthorized Loans Between Funds

Law360, New York (August 24, 2017, 9:07 PM EDT) -- Two men and the investment firms they owned have agreed to pay $9 million in disgorgement and fines to settle the U.S. Securities and Exchange Commission’s allegations they used client assets to make unauthorized loans between mortgage funds they managed.

Gustavo A. Altuzarra, Christopher R. Chase and three firms they owned agreed to pay more than $9 million in disgorgement, interest and fines without admitting or denying the SEC’s findings that they directed their firms Vertical Capital Asset Management LLC and Vertical Recovery Management LLC to...
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