SEC Sanctions Fund Manager For Overcharging On Fees

The Securities and Exchange Commission settled charges Tuesday with Equinox Fund Management LLC, a Denver-based alternative assets fund that allegedly overcharged management fees and misled investors about how it valued managed futures assets in its Frontier Fund. An SEC investigation alleged that the firm calculated management fees contrary to the method described in its registration statements. The firm neither admitted nor denied the findings, but agreed to return $5.4 million in excessive management fees collected from 2004 to 2011 plus $600,000 in prejudgment interest and to pay a $400,000 penalty. The firm also agreed to be censured.

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