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Screenshot of a breaking news alert e-mail from Q2 2017
Brian Williamson has misrepresented a fund’s internal rate of return 10 times from 3.8 to 38.3%
US Securities and Exchange Commission has issued a statement detailing its settlement with formar portfolio manager from Oppenheimer & Co. Brian Williamson. The regulator has imposed a permanent ban from the securities industry and the defendant will pay $100,000 for misrepresenting the value of the valuation of a certain fund under his supervision that included other private equity funds.
Mr Willimson has claimed that the misrepresentation has been conducted by the portfolio manager of the underlying fund therefore passing on the hot potato to his colleague who was responsible for one of the components of the fund of funds. He valued the investment at a significant markup to the value that the portfolio manager has reported and sent out marketing materials to potential clients interested in the fund that misrepresented the rate of return on investment.
The defendant proceeded with misleading investor consultants and continued efforts to cover up his fraudulent activities ensued. In a related case last year Oppenheimer has agreed to pay $2.8 million to settle the charges brought forward by the SEC. The wrongdoing has been conducted between October 2009 and June 2010 and the internal rate of return has been marked up ten times from 3.8 to 38.3%.
No wonder people lose trust in financial industry professionals!
For the full press release visit SEC’s website.