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SEC Fines Adviser Over Allegedly Improper Fund Charges

Law360, New York (September 12, 2017, 7:47 PM EDT) -- The U.S. Securities and Exchange Commission on Monday said that a Maryland investment adviser and its principal will jointly and severally pay a $300,000 civil monetary penalty to settle the agency’s allegations that they improperly charged two private equity fund clients for certain fees and overhead expenses.

The Frederick, Maryland-based Potomac Asset Management Co. Inc. and its founder and President Goodloe E. Byron Jr. agreed to the fine without admitting or denying the findings contained in the SEC’s order, which alleged that Byron and Potomac violated...
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