California firm fined after moving clients by ProQuest

VIEWS: 2 PAGES: 1

The Securities and Exchange Commission charged California based investment advisor Valentine Capital Asset Management (VCAM) and its principal, John Valentine, with failing to disclose information to customers regarding commissions when it advised some clients to move investments in December 2007. VCAM was fined $70,000 and ordered to return more than $400,000 in commissions. VCAM placed a number of clients into Series A of a futures fund in mid-2005. Clients paid 4% a year in commissions for two and a half years capping commissions. In December 2007, VCAM convinced 140 clients to switch to Series B of the fund,

More Info
To top