FCA Secures Restitution for Fund Investors
Investors were harmed when the best traders shifted to an in-house fund, regulators alleged.
A U.K.-based fund manager will pay $101 million in restitution to investors after allegedly favoring an investment fund for its own employees over the fund offered to external investors.
- In a 2020 settlement, the U.S. Securities and Exchange Commission (SEC) secured $170 million in compensation for U.S.-based investors.
- The regulator alleged misstatements and inadequate disclosures about the fund's operations.
- Top traders were transferred from the external fund to an internal, proprietary fund, BSMA Ltd., and replaced with an underperforming algorithm.
The firm made misstatements and inadequate disclosures about the fund’s operations.
Author's summary: Fund manager to pay $101 million in restitution to harmed investors.
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