Growth Capitalist (https://growthcapitalist.com/tag/enforcement/page/11/)
The Securities and Exchange Commission is now regularly handing out fines and forcing settlements on private equity companies for not fulfilling the conditions of years-old partnership agreements.
The Securities and Exchange Commission asked a court to enforce a subpoena it served seven months ago against NetCirq LLC, whose service helped private company shareholders sell their stock.
A judge ruled that the Securities and Exchange Commission can not use its own administrative court to pursue its securities law charges against emerging growth company financier Ironridge Global Partners, dealing a setback to the SEC’s frequent use of administrative law proceedings that some argue are unconstitutional. The Nov. 17 ruling by Judge Leigh Martin May, of the U.S. District Court in Atlanta, forced the commission to withdraw subpoenas and cancel an administrative law hearing that had been scheduled for Dec. 7. The SEC has 60 days to file with the 11th Circuit Court of Appeals in Atlanta to try to overturn Judge May’s ruling.
Cranshire Capital Advisors, an once active investor in the private-investment-in-public-equity market, was sanctioned by the Securities and Exchange Commission for allegedly having investors in its main fund bear expenses that should have been paid by its general partner.
