Ares Management Pays $1M To Settle SEC Insider Info Claim
Law360 (May 26, 2020, 7:32 PM EDT) -- Ares Management LLC, a private equity firm and registered investment adviser, will pay $1 million to settle a claim that it didn't enforce policies that would prevent the misuse of material nonpublic information, the U.S. Securities and Exchange Commission said Tuesday.
The Los Angeles-based firm invested several hundred million dollars in client funds in an unnamed portfolio company in the form of debt and equity and appointed two directors to the company's board, one of whom was a senior member of the Ares "deal team" involved in the investment, the SEC said.
The Ares representative received information from the portfolio company...
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