Investigation by SEC bought to light the fact that Quantek Asset Management had made various misrepresentations about fund managers having skin in the game along with investors in the US$1 billion Quantek Opportunity Fund, though Quantek’s executives had never really invested their own money in the fund.
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And it was further revealed that investors were misled by Quantek about the investment process of the funds it managed as well as certain related-party transactions involving its lead executive Javier Guerra and its former parent company Bulltick Capital Markets Holdings.
Along with Quantek, SEC has charged Bulltick, Guerra, and former Quantek operations director Ralph Patino.
Meanwhile, the accused have agreed to pay more than US$3.1 million in total disgorgement and penalties to settle the charges, and Guerra and Patino have agreed to securities industry bars.
"The related-party transactions were problematic to begin with, and the false deal documents left investors in the dark about the adviser’s conflicts of interest," remarked Scott Weisman, assistant director in the SEC enforcement division’s asset management unit.
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By GlobalDataThe SEC’s investigation was conducted by Matthew Rossi in the enforcement division’s asset management unit under the supervision of Mr. Weisman.
