Judge Largely Finds For Money Manager In SEC Fraud Case
Law360, New York (April 16, 2015, 7:21 PM EDT) -- A U.S. Securities and Exchange Commission administrative law judge ruled Thursday that private equity manager David J. Montanino violated the Investment Advisor Act by deceiving clients but cleared him of more serious Securities Act and Exchange Act fraud allegations and declined to bar Montanino from finance.
Judge James E. Grimes hit Montanino with a $25,000 civil penalty but declined to order the Long Island man disgorge more than $105,000 — relief the SEC asked for — in a ruling that went mostly against the agency.
"Montanino is liable for two violations arising from one course of conduct that, relative to what...
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