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West Virginia-based investment adviser barred

Sutherland Asbill & Brennan LLP
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USA
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September 4 2009

The SEC barred Knox H. Fuqua from association with any investment adviser based upon a District Court’s order enjoining him from violating the antifraud and other provisions of the federal securities laws

SEC Chairman Schapiro states SEC “missed numerous opportunities to discover” Madoff fraud

Sutherland Asbill & Brennan LLP
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USA
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October 2 2009

The SEC released the Executive Summary of the Inspector General’s report on why the agency failed to detect Bernard Madoff’s fraud

Florida adviser charged with misappropriating client assets

Sutherland Asbill & Brennan LLP
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USA
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October 2 2009

The Securities and Exchange Commission (SEC) charged Stratum Wealth Management, LLC, and Charles B. Ganz, both based in Boca Raton, Fla., with violating the anti-fraud provisions of the securities law, including the Investment Advisers Act of 1940, for misappropriating funds from a client’s account for nearly a year

Commission denies admittance of evidence on appeal and affirms sanctions

Sutherland Asbill & Brennan LLP
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USA
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June 3 2009

In the Matter of Maria T. Giesige, Admin. Proc. File No. 3-12747, the SEC denied Respondent’s appeal based on alleged inability to pay and held that it was in the public interest to bar Respondent from association with any broker, dealer or investment adviser, to require the payment of disgorgement, and to impose a third-tier civil penalty

Fourth Circuit adopts case-by-case analysis of attribution standard for fraud-on-the-market theory

Sutherland Asbill & Brennan LLP
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USA
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June 3 2009

In In re Mutual Funds Investment Litigation, No. 07-1607 (4th Cir. May 7, 2009), the Fourth Circuit reversed the lower court’s decision and held that Plaintiffs’ 10(b) primary liability claim and Plaintiffs’ 20(a) control person liability claim were sufficiently pled

SEC charges Los Angeles-based “finder” in kickback scheme involving N.Y. pension fund

Sutherland Asbill & Brennan LLP
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USA
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June 3 2009

The SEC charged Julio Ramirez, Jr., who was formerly affiliated with Los Angeles-based broker-dealers DAVWetherly Financial L.P. and Park Hill Group LLC, in connection with a multimillion dollar kickback scheme involving New York’s largest pension fund

Head of two Connecticut-based hedge fund advisers to pay more than $62 million in fraud case

Sutherland Asbill & Brennan LLP
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USA
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June 3 2009

U.S. District Judge Kenneth Marra for the Southern District of Florida found that Michael Lauer, the head of Lancer Management Group and Lancer Management Group II, two Connecticut-based hedge fund advisers, must pay more than $43.6 million and more than $18.9 million in prejudgment interest

SEC obtains assets freeze of Wisconsin-based investment adviser charged in kickback scheme

Sutherland Asbill & Brennan LLP
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USA
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June 3 2009

As part of an ongoing investigation, the SEC obtained an emergency court order to freeze the assets of a Wisconsin-based investment adviser - James Putnam, the founder, majority owner and CEO of Wealth Management LLC

SEC brings action against investment adviser for misrepresenting his strategies as being low-risk

Sutherland Asbill & Brennan LLP
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USA
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June 3 2009

The SEC filed suit against Jacques R. Gendreau, a California investment adviser, and his firm, Gendreau & Associates, Inc., for allegedly misrepresenting his strategies for clients’ funds as being low-risk and engaging in high-risk investing that led to heavy losses

Hedge fund manager barred from advisory industry

Sutherland Asbill & Brennan LLP
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USA
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November 6 2009

The SEC brought an administrative action against William A. Huber (Huber) finding that Huber and Hubadex, Inc. (Hubadex), defrauded investors in three pooled investment funds (the Funds) by making false and misleading statements to them about the total assets under management, the returns generated by private funds managed by Huber, and the individual investors’ account balances and gains

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