4.8.2009 The SEC brought an administrative action against Glenn Manterfield of the United Kingdom, that from at least June 2006 through April 2007, Manterfield sold limited partnership interests and retained investors in Lydia Capital Alternative Investment Fund LP (Fund) through a series of material misrepresentations and omissions. These included:
- Materially overstating, and in some instances completely fabricating the Fund's performance;
- Inventing business partners, offices, and investors in an attempt to legitimatize the firm and concealing the truth as to why key vendors and banks ceased relationships with the Respondent;
- Making material misstatements and omissions about Manterfield's significant criminal history, and failing to disclose a February 2007 criminal asset freeze in England;
- Making material misstatements and omissions about how the Fund planned to address certain material risks and failing to disclose others; and
- Misstating the nature of the Fund's assets and its investment process.
Click http://www.sec.gov/litigation/admin/2009/ia-2865.pdf to access the administrative action.