The Securities and Exchange Commission (SEC) today filed charges against Connecticut-based Dolphin Associates III, LLC, and its principal, Donald T. Netter.
The SEC’s complaint charges Dolphin and Netter with improperly withholding withdrawals from a private fund that they managed, charging the fund with excessive fees, and making materially misleading statements to investors.
According to the SEC’s complaint, filed in the United States District Court for the District of Connecticut, since November 2016, Dolphin and Netter have improperly barred withdrawals from the Fund while causing the Fund to make long-term investments in various small-cap equities that Netter also owned himself.
The complaint further alleges that, Dolphin and Netter charged the Fund excessive fees, failed to obtain annual audits…
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