by The Compliance Exchange on September 19, 2012
A Chicago-based investment firm will pay $1 million to settle civil allegations that it misled investors in private equity offerings about an alternative energy company’s finances and loan application to the U.S. Department of Energy.
The Securities and Exchange Commission said that Advanced Equities, Inc., and its co-founder Dwight Badger made misstatements about a Silicon Valley-based alternative energy company in private offering sales calls from 2009 and 2010.
The SEC also charged Advanced Equities’ co-founder Keith Daubenspeck for supervisory failings, saying he sat by silently on internal sales calls after hearing Badger make misstatements to investors.
The company and both co-founders agreed to settle the SEC’s charges without admitting or denying the allegations.
Read the full story at Reuters.
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