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News May 18, 2015 Issue

Misallocation of CEO Compensation Adds Penalty to Adviser’s Ledger

If the charges in an SEC settlement are to be believed, an adviser and its chief financial officer/chief compliance officer attempted to deceive the board of directors of a fund series by misallocating the adviser CEO’s salary in an attempt to make profits look consistent. Now it is paying the costs of a settlement instead.

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