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 employees over the one offered to external investors.
- The U.S. Securities and Exchange Commission (SEC) secured $170 million in compensation for U.S.-based investors in 2020.
- 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: FCA secures $101 million restitution for fund investors.
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