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SEC charges private equity firm with $9 mln theft
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SEC charges private equity firm with $9 mln theft

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SEC charges private equity firm with $9 mln theft

NEW YORK (MarketWatch) -- Private equity firm Camelot Acquisitions Secondary Opportunities Management has been charged with stealing $9 million from investors, the Securities and Exchange Commission announced on Thursday.

The New York-based firm had its assets frozen by the regulator, as well as three other entities and another individual as part of the alleged theft. Lawrence E. Penn III and his longtime acquaintance Altura S. Ewers are accused of working together to use the fund's assets to pay fake fees to a company controlled by Ewers. "Behind the scenes, Penn disregarded his obligations to the fund's investors and treated their assets as his own personal and professional slush fund," said Andrew M. Calamari, director of the SEC's New York Regional Office.

The parties are charged with violating the antifraud, books and records, and registration application provisions of the federal securities laws.

SEC charges private equity firm with $9 mln theft - MarketWatch

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