SEC Administrative Court Dismisses Fraud Charges, Finding That Defendant Provided Adequate Disclosure Even When Disclosure Not Obvious

The head of an investment firm and so-called “Diva of Distressed” did not defraud investors, an administrative law judge at the U.S. Securities and Exchange Commission has ruled. The firm managed three funds through its CEO, which issued notes to acquire US$2.5bn in distressed companies.

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