A Manhattan-based investment advisory firm and a Toronto-based hedge fund
manager have agreed to reimburse $2.877 million to investors who lost
money. The SEC announced the decision after charges against the firm and
hedge fund manager allegedly misled their clients and investors regarding
the strategy of investment and the performance history.
The SEC initially issued an order instituting a settled administrative
proceeding to fund manager Peter Kuperman and his firm, QED Benchmark
Management LLC. The claim was that they allegedly avoided disclosing information
to investors regarding heavy losses in trades and misleading performance
history, mixing actual returns with hypothetical returns.
The firm and fund manager are accused of obtaining millions of dollars
from their investors based on this false information and then deviated
from the plan initially shown to investors.
Andrew M. Calamari, Director at the SEC’s Regional Office in New
York, made the following statement:
“Investment advisers must be completely candid when disclosing two
key features that investors rely upon when making investment decisions:
investment strategy and historical performance. This settlement enables
investors in the QED Benchmark LP hedge fund to receive full monetary
relief for losses suffered when they were misled on both fronts.”
Without admitting to or denying the findings of the SEC investigation,
Kuperman and QED Benchmark Management agreed to reimburse investors $2.877
for their losses. Further, Kuperman agreed to a bar from the securities
industry and a $75,000 fine.
If you lost money while investing with QED Benchmark Management LLC and
founder Peter Kuperman, a skilled securities fraud lawyer from Meyer Wilson
may be able to help you recover your losses. Call today for a free consultation.