Law360, Los Angeles (November 17, 2017, 10:14 PM EST) -- The U.S. Securities and Exchange Commission asked a Massachusetts federal judge Friday to levy a $13 million penalty on the ex-CEO of defunct stock-picking company F-Squared after a jury found him liable for lying about his company’s flagship investment product’s actual track record.
Howard Present owes $13 million in disgorgement after he lied to prospective investors, saying his company’s AlphaSector investment product had a sterling history dating to 2001, even though in reality it was largely based on an algorithm developed in 2008 by a college intern, the SEC said Friday.
If Present had stuck to the truth, he’d hardly have...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!